TL;DR Breakdown
- Bitcoin price prediction is beyond bullish territory as price touches all-time highs
- Bitcoin celebrates its twelfth birthday on January 3rd
- BTC/USD reached the zenith of $34,800 mark on the back of strong buying
- Correction towards $33,000 will help cool down technical indicators
Bitcoin (BTC), the king of cryptocurrencies started the year off strong skyrocketing to a higher price every day since new year’s eve. BTC really is leaving behind the woes of 2020 and is ready to dominate the market. Some expect it to surpass its resistance levels whereas others expect a 50 percent drop; making Bitcoin price prediction uncertain at the moment.
BTC has been steadily increasing its price with its recent and all-time high being $34,222, after rising from an impressive $29,044 in the last 24 hours. It is currently resting at $33,911, just an inch below its shattering $34K. Indicating that. Nineteen of its twenty-eight indicators suggest buying at the moment, whilst seven remaining show neutral and merely 2 show sell.
Going into the specifics, the oscillatory indicators push to remain neutral whilst the moving averages show a strong buy with sixteen out of seventeen indicators in that category. The market’s general attitude seems bullish Bitcoin price prediction for 2021, although others await the bearish drop.
BTC/USD 4-hour chart – Stabilizing near the all-time highs
It seems that Bitcoin have itself a gift on its twelfth birthday by hitting the all-time high level of $34K. If 2020 was impressive in terms of BTC price rise, the investors can’t wait for 2021 returns. Bitcoin has begun the new year on a high note by breaking through multiple resistances.
Most barriers were lined up near the $30,000 level. However, the massive volumes and broader investor interest pushed the price through major resistances. The consecutive highs were achieved on the back of a highly positive crypto market sentiment that seems to be working across the board for all coins. The coveted $30,000 level was achieved without much effort on part of the bulls.
Technical indicators are stretched beyond their higher levels due to the recent bull rally. the bullish Bitcoin price prediction is currently facing headwinds as technical indicators retreat from their phenomenal highs and back into normal levels. The recent drop below $34,000 shows that the price will correct further towards $33,000 before bull rally stabilizes again. The bulls have intercepted the downturn and are containing the downfall to turn Bitcoin price prediction bullish once again.
The next resistance lies at $35,000 where the bears may get a chance to start a sell rally. The overbought technical indicators on the daily charts will likely help them.
Bitcoin price movement in the last 24 hours – BTC not willing to let go all-time highs
Bitcoin price prediction is surpassing even the most bullish scenarios as BTC/USD touches $34,000 for the first time since its launch. As Bitcoin registered a high of $34,544, the world looked in awe since the coin gained $5,000 in mere three days. At the time of writing, the price is hovering around $33,661 and still very much within the all-time high range.
The relentless surge of Bitcoin in the past few days shows that the coin is now delivering the returns that its investors always dreamt of. Bitcoin has surpassed other safe-haven assets in terms of annual returns and is far ahead of other traditional assets. Its rise from COVID-19 lows of March 2020 is nothing short of a miracle. The bounce back has strengthened its position as a dominant asset that wealth managers can no longer ignore. The BTC/USD chart has gained more than 50 percent from December prices and added $10,000 in value in a few weeks’ time.
So, what’s fueling the relentless rise of Bitcoin
Bulk buying by institutional investors and large money-market participants is contributing to the rise of Bitcoin. In their frenzy to join in on the ‘Fear-of-Missing-Out’ the large players are buying in bulk and the price rise has been swift. Back in November, no one would have agreed to such a lofty Bitcoin price prediction.
Another major factor in Bitcoin’s rise is the positive development surrounding the cryptocurrency realm. many coins have reported positive news regarding fundamental developments and success of feasible projects with accountable impact in the real world. From Ethereum to Bitcoin, most cryptocurrencies have risen to new highs in a span of few months.
Bitcoin has achieved far more mainstream recognition compared to 2019. The past year has ingrained cryptocurrencies into the mindset of the general populace across various nations. BTC’s dominance in traditional payment mechanisms is also rising fast. PayPal has to be the most significant factor in helping BTC enter mainstream payment channels. Additionally, many nations that previously feared BTC and imposed regulations are also slowly opening up to the digital currency revolution thereby helping Bitcoin price prediction remain bullish.
Bitcoin price prediction conclusion – Bulls are giving no sign of slowing down
The first resistance lies at $35,000 and then the path seems clear till $38,000. Once again, the bulls may face psychological resistance at $40,000 mark. All the further targets may seem lofty but since the cryptocurrency gained $5,000 in mere 3 days, the higher targets look very much achievable.
There is strong support at $28,732 level where the price will again find strong buying wave. However, the technical indicators are already cooling down which will further embolden the bulls. Bitcoin price prediction will once again enter bullish territory as the price crosses $35,000.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
