TLDR Breakdown
- Bitcoin price predictions strongly affirm a further raise.
- Bitcoin price just hit the $18485 mark.
- Strong support is now found in the $17800 range.
The king of cryptocurrency Bitcoin BTC moved past the $18000 mark in the last 24-hours while the altcoin market is seeing a rather slow movement given a flash crash. Analysts now expect the king to break past to a new high that could be well beyond the $20,000 mark.
Bitcoin price went as high up as $18485 during the past 24-hours and dropped down to the $17400 mark in a flash crash. The market movement has been that of an inverse head and shoulder that took the price back up towards the $18000 mark. Bitcoin is trading near the $18200 range at the time of writing.
On the technical indicators chart, Bitcoin is showing strong buying where four out of 11 oscillator indicators are signaling a strong buy, five stand neutral and two are in favor of selling. While, out of the 17 moving averages 16 stand at the strong buy, while only one stands neutral. The crypto fear and greed index also shows extreme greed with a score of 91.
Bitcoin price prediction: What to expect?
Bitcoin price prediction are coming in strong for another rise in the price. Analyst R Charts 2020, explains that last 2-3 significant Bitcoin bull cycles ended with a 95+ monthly Relative Strength Index (RSI) reading indicating that the bull run peaks before subsequent correction.
The analyst furthers that the most recent bull run (where the bull run is studied in correlation with the monthly RSI breaking above 70), the subsequent 95 RSI reading which is an indication of a local bull market peak leads to an expected 500 percent rise in the Bitcoin prices from the moment RSI broke above 70. He is of the view that the king of cryptocurrency is likely to hit new highs above the $18000 mark if the RSI rises above the 95 mark again.
Similarly, analyst YMGroup explains that the king is bound to take a new high ground given that the prices are now well pass the $18000 resistance levels and the support is found above $17000 mark.
Per the analyst the strongest resistance is now at the $19000 mark and past that the king can attain new highs towards $20000 and beyond.
Bitcoin adoption is increasing very rapidly across the globe and with the second wave of COVID-19 pandemic the king of cryptocurrency is now likely to improve the global rating within the economic circles.
Famed analyst and crypto celebrity Pierre Rochard also believe that the mainstream media would only consider Bitcoin coverage once the value breaks past the $2000 mark. On the other hand, the inversely proportional Gold to Bitcoin value correlation is also a positive sign for Bitcoin growth.
Given the increased interest in Bitcoin during the recent US presidential election and other factors such as the pandemic, Bitcoin price is likely to maintain the new highs until the end of the year.
