- Bitcoin price prediction expects a rise to $45,000.
- Strong resistance lies at the $41779 mark.
- Strong support lies at the $38000 mark.
The king of cryptocurrencies has been establishing new record highs almost every day now. The king suffered from some fluctuations today and dropped to as low as $36,642, while the 24-hour high was $41,710. At the time of writing, the king has come down to the $41069 level and fluctuating. The upward trajectory of the coin can be expected to continue. Bitcoin’s market is still overbought and overheated, given the performance of the coin.
Out of the twenty-eight technical indicators, nineteen are giving out a buy signal, 6 stand neutral, whereas only 3 are sell. Of these indicators, the oscillators are neutral with 3 buys and 3 sells. Sixteen of the total seventeen moving averages stand on the buy indicator with 1 neutral and 0 sells.
Bitcoin price predictions: What to expect?
Analyst Meredas has identified the king of cryptocurrencies moving in a wave count formation in their Bitcoin price prediction. The analyst, unlike others, are not expecting the cryptocurrency to rise further. As per the analyst, Bitcoin has successfully completed waves 1 and 2 of the formation. Bitcoin is currently at wave 3, which is also the peak of the whole wave count. The analyst is suggesting a short position as he expects strong corrections from the coin.
Per the analyst, the Fibonacci retracement level of 3.61, which is at the price level of $42,062, is the ideal sell position. However, the future of the coin is not bleak as it is expected to complete the wave count – which means it will rise to further highs after corrections. The RSI is bullish and looks to be near breaking the high level of the 2018 boom.
Analyst Dead Serious also identified various wave counts in their Bitcoin price prediction. The major wave count is inside a big channel formation. The current price action of Bitcoin has formed another wave count inside a smaller channel formation. The analyst is expecting Bitcoin to correct to the $26k level. But the analyst also predicts that the corrections will not stay for long, and Bitcoin will resume its upward trajectory on the wave count. The analyst is hoping for a very optimistic level of around $370,000 for Bitcoin, which will also be the end of the wave count and the upper boundary of the big channel formation.
In his Bitcoin price prediction, analyst The Signalyst identifies Bitcoin to be portraying bullish momentum. The Bitcoin is seen to have formed a rising wedge and, hence, making higher highs and higher lows. Bitcoin has also been testing and re-testing the upper as well as the lower boundary of the rising wedge formation. The analyst also established from previous trends that, unlike expected, the corrections and retests are also growing flattered, which indicates the strong bullish pressures currently facing the coin.
Per the analyst, the buyers are completely in control of the market, and they are not letting sellers affect the bullish divergence of the coin. The bearish divergences also appear to be decreasing. If corrections take place, Bitcoin can find support at $35k, but the analyst expects further bullish momentum.