- Bitcoin price predictions showing a fall before another rise.
- BTC price is stable and rising towards the $10800 mark, but demand is dropping.
- Bitcoin trade volume on the 24-hour frame has dropped.
- Analysts believe that the demand and supply struggle is creating market confusion.
- Analysts further that the cryptocurrency is likely to fall before it rises again.
The king of cryptocurrency Bitcoin is headed into another bearish trend movement with the major Bitcoin price prediction emphasizing on the fall, rather than a bearish trend ahead. So far, the king of cryptocurrency is going stable on the 5-day chart and it appears that the cryptocurrency is likely to hit a new high. But the issue runs deeper.
Looking at the year-to-date charts the large head and shoulder pattern is very evident. The pattern began in August of the current year and is about to complete full circle at the time of writing. If Bitcoin price doesn’t find good support in the days to come, a head and shoulder pattern completion would likely result in a sharp fall.
Bitcoin price prediction: Analysts view
Analyst Blockchain Yahoo explains that the cryptocurrency is going through a tough pattern at the time of writing. In his Bitcoin price prediction, a fall is very likely, however, he explains that a fall would not push the price as low as $3800 but rather to the $5772 level.
Yahoo furthers that, the current support is found at $9065 level and further below at the $7173 mark. While the resistance is found at the $10760 mark. The major cause to fall is the price correction towards the demand line.
Analyst Harison also explains that the current demand and supply relation is looking very weak and a bearish rising wedge pattern is evident on the Bitcoin price prediction charts.
Harison furthers that 6 doji is evident on the chart, whereas, the demand and supply struggle is creating confusion in the market that may just allow the bearish trends to take control of the market.
Similarly, analyst Banitiefe explains that the cryptocurrency king is currently observing exhaustion of volume trade which is why it is very likely to fall all the way down to the current demand level found in the $9750 – $10000 range. He furthers that a new low is likely to form before Bitcoin price may rise again to the new highs, however, the idea is still fresh and hasn’t played out yet.
Lastly, analyst Marginbuu is hopeful that despite the low 24-hour volumes and higher rejection levels on the 24-hours frame, there is still hope. He explains that the Bitcoin charts show a high rejection trend for lower prices on the weekly chart, thus, ringing a bell for a new bull run to form soon.
At the time of writing, most analysts are projection a bearish run in the next 24-hours, before another bullish trend can take place. Bitcoin is famous for heavy fluctuations and we have observed several steep drops and flash rises in the past year alone. We believe that cautious trading practices must be adopted to ensure low risk, low losses, and high gains.
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.