Bitcoin price prediction: BTC hits $19000; can pull back, analyst

TL:DR Breakdown

• Bitcoin price prediction expects a pullback after all-time high.
• Bitcoin is hovering above $19000 despite pullbacks below the mark.
• Bitcoin price all-time high expected above $20,000.

The king of cryptocurrency Bitcoin is now trading above the $19000 mark, and given the $4860 low in March 2020, the current high is one of the biggest achievements for the king of cryptocurrency. Bitcoin continues to enjoy the advantage over other cryptocurrencies, being the first and foremost cryptocurrency that laid the foundation for other currencies and the financial technology realm to become a reality. At the time of writing, the BTC price stands at the $18924 mark.

Bitcoin price observed the $18117 low in the past 48-hours and, in steady movements, crossed the $19000 mark to hit the $19490 high. Since then, the current price of around $19100 is serving as strong support despite small setbacks. At the time of the writing, the market is now stable, with only 3 out of 28 technical indicators inclining towards selling. As the saying goes, Hodlers are going to hold, and traders are going to trade.

Bitcoin price prediction: What to expect?

The king of cryptocurrency has been struggling to stay afloat above the $19000 mark in the past 24-hours, and the price has hit above the $19400 mark twice already. Analyst Trading Shot explains that the king of cryptocurrency is moving in strong against Gold, but a strong pullback is expected once it hits the expected all-time high above the $25000 mark.

Trading Shot explains that the comparison is made on a 1-week vs. 1-month chart since Gold is a slow-moving store of value while Bitcoin is a much faster digital market. He furthers that the current Gold parabolic rise broke its all-time high last July following a peak in 30-days on the 1.1382 Fibonacci extension. Gold has been observed on a pullback after hitting the all-time high given the current US economic conditions and the second wave of the pandemic.

Shot explains Bitcoin price predictions expect a new all-time high soon, while others expect a possible increase in adoption against fiat. Shot finds the Bitcoin 1.1382 Fibonacci extension around $25000. He makes the case that since Bitcoin is following Gold so closely in the long-term, could we expect a medium-term pull-back for BTC on the 1W chart after the all-time high?

Bitcoin price prediction vs Google trends

Analyst X Force global explains that when we observe a timeline of the actual interest via the search interest for the keyword “Bitcoin” on a five-year chart, we find that the interest is still not as high as the 2018 interest peak. The said interest peak was driven by the fear of missing out on the Bitcoin economy when the king of cryptocurrency hit massive figures for the first time.

The analyst presents two possible scenarios; the first that we may set to blast through new all-time highs due to this being a possible lagging indicator. Second, we may never see the same amount of interest anytime soon and have a possible crash in the near future. He is of the view that given the current world conditions, the second scenario is highly likely.