- Bitcoin price prediction experiencing a downtrend.
- Bitcoin price hits the $14,345 level.
- BTC holding likely to hit $40,000 by year-end
Bitcoin price went up as high as $15,787 before witnessing a drop to $14,981. The king of cryptocurrency is likely to see new highs, but for now, is moving towards realistic figures post the fluctuations experienced by the king during the US elections.
At the time of writing, the cryptocurrency king is trading hands at the $15,018.7 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (17) and an even weaker selling momentum (3), while 8 remain neutral.
The moving averages signal towards a strong buying impetus, with the Exponential moving average valued at $14895.44 inclined towards buying. The oscillators depict a weak buying approach with a relative strength index of 70.75, inclined towards selling.
Out of the 17 Moving Average indicators, 14 are giving a buy signal while the rest stand on a sell. Similarly, out of the 11 Oscillator indicators, 1 is giving a sell signal while the rest lean towards buying.
Bitcoin price prediction: What to expect?
In his Bitcoin price prediction, top trading view analyst WyckoffMode predicts massive hikes up to year end on the Bitcoin charts owing to the strongly building upward thrust.
He predicts the upthrust to near an end and starts a downward cycle around the weekly candle initiating the 7th of December. The massive pressure the cryptocurrency is experiencing currently may cease to exist by the end of next week, however, the analyst indicates it’s likely if downward pressure is formed in the weekly timeframe.
Speaking about long positions, WyckoffMode labeled it for the mid-term of his evaluated 7th of December, 2020 candle target. The analyst recommends studying the lower time frames to understand the optimal opening for a long position to open a long position from here.
The possibility of touching the $30,000 bar is now in the picture. Moving along that height, the analyst predicts that it may take some time and be seen post the Santa rally, most likely on the weekly candle of January 4, 2021.
Wait and watch is currently the plan of action to know how the white energy falls weekly, 9-Day, and 12-Day indicators. Exhaustion on 30th of November, 2020, weekly candle beginning is another estimation that may result in the actualization of the 7th of December, 2020, weekly candle estimate consisting of price breakout and downward journey of the cryptocurrency king.
Discussing the effect of US elections on the Bitcoin price market, the analyst called the situation a temporary panic as the effect of Biden’s win on the cryptocurrency king was yet to be known. He pointed out that the main significance of the elections on BTC was that the stimulus pack of democrats was massive instead of that proposed by the republicans.
Another top analyst of trading view, Marginbuu, predicts a $10,000 higher potential for the cryptocurrency king and says the year-end for BTC can close at the $40,000 mark. Analyzing the current scenario, the analyst thinks the $20,000 markup will be a smooth ride if a closure is obtained above the $15,000 mark.
Talking about the king’s long term market position, Marginbuu thinks BTC has what it takes to reach the $100,000 mark in the next 2 years.