TL;DR Breakdown
- Bitcoin price prediction expects further rise towards $50000.
- Strong support is found at $28000.
- Strong resistance is found at $29400.
Previously, the king of cryptocurrency had been facing strong resistance from the $29k level. It had tried a few times to cross the level but failed after each brief crossing. The new year’s outlook could be optimistic as Bitcoin has successfully crossed the resistance level of $29k. The low for the day was $28,022, and the coin peaked at $29,530.
The king of cryptocurrencies has been somewhat stable above the $29k mark and is currently priced at $29,024. However, the upcoming time will tell if the king can hold itself above the $29k mark or succumb to bearish pressures and dropdown.
The market sentiment is bearish as most technical indicators are a buy, eighteen of the total twenty-eight. Most of the oscillators are neutral while the moving averages are majorly buying, and the overall signal is a strong buy.
Bitcoin price prediction: What to expect?
As the king of cryptocurrencies had been on an upward trajectory for the end of the year 2020, analysts expect strong corrections. The coin is currently overbought. The market is pumping, and the sentiments are quite strong. But strong pullbacks can be in order.
In their Bitcoin price prediction analyst Flavius Todorius explains that, Bitcoin has a pattern of being heavily dumped in Januaries. A continuation of the trend can be expected given the coin’s susceptibility to corrections at this stage. As per the analyst, the coin will soon be testing its strong support level of $19k after a hard drop. This drop will act as a cool down for the coin, and an upward trajectory can be expected by March 2021.
Analyst Wyckoffmode has been comparing the price action with historical trends to identify any new and evident patterns in his Bitcoin price prediction. He has been able to identify the similar movement of the wide energy in the past. A good gap between the green and the white energy in the past has led to huge drops in the Bitcoin. Currently, the analyst identified a similar gap between green and white energy.
Although if the white energy moved up to meet the green then the price of Bitcoin can be expected to rise somewhere to the $50-$60k levels this is an unlikely scenario as per the analyst. The next weekly orthodox candle will begin on January 4th and according to the analyst, we can witness the high then. Hence, it is likely that bearish pressure will continue till the 4th of January but after that, a drop in the value of Bitcoin can be expected.
A few analysts, including K-March and Ehsan, have identified parabolic formations in the price action of the coin. Hence, for the near future Bitcoin can be expected to rise further. Analyst United predicts similar price actions, stating that the Bitcoin is on an upward trajectory and will rise to the $34k level.
Bitcoin can be expected to have 10-15% of pullbacks but nothing serious as it will continue upwards and reach the $40k level. Once it has reached $40k, then a 35 percent correction can be expected and it will be an ideal short position.
