- Bitcoin price prediction – reaches lows of $16,250
- BTC price swift recovery to $17,000 levels
- Micro-perspective looks bleak, but macro indicates bullish
- Volatility remains consistent since March 2020
- Resistance level found at $19,500
Bitcoin price prediction: current price/trend
Bitcoin (BTC) price plummeted today and currently sits at $17,157 – down 10 percent on the day at the time of writing. Still sitting on his throne, the king of crypto may yet see another thrust towards the $19,500 resistance level, but first, another fall may be on the horizon.
Bitcoin price prediction: 1-day overview
It should be immediately noted that the day started with a 76-degree descending trendline straight towards $16,500 by 3:00 AM GMT. This sudden drop took BTC price from highs of $18,400 down to lows of $16,500 in less than three hours.
Reviewing Coinmarketcap’s data, almost all top 100 cryptos have taken a steep dive towards bearish activity within the last 24 hours. This drop in prices follows the Trump administration suggestions of a rushed plan set to clamp down on self-hosted crypto wallets – essentially preventing an individual from holding their own crypto.
Bitcoin price prediction: 1-month chart
Bollinger Bands (BBs) indicate BTC price was consistently set to break beyond the highlighted resistance level but has since tumbled below the BBs Basis mid-line. This may be a simple reaction to recent news, but recovery may be staggered now on the rise back towards $19,500.
The Moving Average Convergence Divergence (MACD) indicator suggests consistent bullish momentum through the month, but a slight dip towards bearish can be seen as we approach the 26th of November. This could be a blip on the journey up or a sign of bearish activity to follow into early December. It is, as of yet, too soon to tell.
Bitcoin price prediction: volatility levels
BTC/USD price volatility levels have remained standard – set at a Historical Volatility (HV) level of 92.51. Except for March this year, Bitcoin has show volatility within the the boundaries of 120 HV to 15 HV. In comparison to many other cryptocurrencies, this HV range could be considered relatively stable, but not at all predictable – in lieu of March 2020’s hike to 230 HV.
Bitcoin price prediction: 1-year overview
Like the tide, the MACD indicator shows a continuous wave of bullish and bearish alternating activity. Bearish waves can be seen to be progressively shorter and less dramatic as BTC price surges towards new-found heights of $19,000. The concern now is whether the bearish wave ahead will mirror the bullish heights of November.
Please use the oscillator below to help inform your decision on whether Bitcoin is currently a viable addition to your e-wallet.
Bitcoin price prediction: conclusion
Recovery of BTC price may take a drop back towards $16,500 before attempting the resistance level once again.
This prediction is highly reliant on the crypto world’s recovery from the Trump Administration rumors and panic levels of traders. As can be seen in the chart above in the pink/purple rectangles, volume spikes are seen in direct correlation with swift drops in BTC price.
In reflection of the plummet to $13,000 on the 21st of November, panic might become the Achilles tendon of Bitcoin bullish aspirations. If this fragility persists, Bitcoin prices might crumble altogether before early 2021.