- Bitcoin price prediction stuck in small range as accumulation phase begins
- Bitcoin whales have built strong support near the $17,200 level to prevent the downfall
- BTC/USD set for a breakout as technical indicators support an uptrend
- Bitcoin price prediction moving in line with the broader crypto market rally
Bitcoin price prediction of $19,000 possible soon on the back of massive whale support
The ongoing rally in BTC/USD is set to extend further with $19,000 within sight. Data suggests that BTC whales have built strong fortifications near $17,2000. If the price falls towards this support region, BTC whales will likely stop the fall and convert the opportunity into a massive buying spree.
The current Bitcoin bull rally seems overextended on the daily timeframe. However, large investors and BTC whales are known to defy technicals in the past as well. A well-known BTC trader, Edward Morra, says that exchange data shows how whales have built vital support regions to protect any downfall below the $17,200 level. Massive buy walls will help support the current bull rally and prepare for a move towards $19,000.
Bitcoin price movement in the last 4-hours – Will $17,000 support
As BTC/USD prepares to cross $18,500, bears are also getting ready to initiate a selling spree. However, whale clusters near the $17,000 level will prove a tough nut to crack in case of an extended sell-off. Technically, there is not much resistance beyond $18,500, and BTC/USD can quickly scale mount $20K with some heavy volume underneath the pair.
Bitcoin price must stabilize or remain stagnant near $17,000 for it to attract buying volumes. The chances are that after a day or two’s stagnation, Bitcoin will jump towards higher levels. Exchange order books paint a similar picture showing how the $17K level is a strong defense. Bears will have to trigger massive liquidations to break the whale clusters or support points.
BTC/USD 4-hour chart features stagnant candles – signs of accumulation?
The 4-hour BTC/USD chart is currently overrun with zig-zag candles. And if recent rallies are any evidence, the current scene is a preparation of oncoming bulls runs. The Bollinger Bands are presently contracting and moving towards the trendlines. The ‘Relative Strength Index’ is below 70, meaning there’s a fair amount of room for bulls to move higher.
The upsloping moving averages are also in line with support regions. The 10-day exponential moving average is well above the $15,000 and will defend any extended sell-offs. Bulls have been relentless in pushing the moving averages upwards and hence Bitcoin price prediction. The bearish wedge pattern is no longer threatening the hourly traders. The increasing divergence between upper and lower Bollinger Bands reflects the high volatility. The demand and high momentum of the current rally will show how the price always moves towards the Bollinger Bands’ upper end after minor stagnation.
Massive whale support ready to defend the bearish onslaught
Massive whale clusters located between $17,000 to $17,200 support area have also moved up the moving averages. Going further, whale clusters will again move up towards the $17,780 level. As whales tend to hold their investments longer, the upsloping support levels will likely remain in place.
Bitcoin price prediction on the daily charts is turning highly optimistic. The longer-term timeframe depicts a rosy picture where BTC/USD is highly likely to cross $20,000 before December ends. Even the medium-term outlook on the 4-hour chart is bullish. Monthly and weekly candles are all green, and traders are getting cautious about such widespread optimism. In case BTC/USD posts a green candle for November, the Bitcoin price prediction will mark a trend last seen in 2017.
The road towards $20,000 is not linear – Know bear case scenarios
During the 2017 bull run, BTC/USD did not follow a parabolic path to touch all-time highs. Bitcoin maintained a stable bullish action, which included higher highs and minor corrections. The long-term timeframes did not give a clear picture back in 2017. The hourly charts featured many corrections, and traders remember how the pair fluctuated near the middle of the year. It was the ‘FOMO’ euphoria that pushed the pair towards the $20,000 mark.
Make no mistake – the BTC/USD pair will undertake a treacherous journey before touching fresh new highs. Even today, there will be minor corrections on the way to justify a long-term bullish rally. Looking only at daily timeframes will only hurt the day traders. Drawdowns are crucial to help cool the euphoric bull rallies.
Bitcoin price prediction conclusion – BTC displaying asset maturity in 2020
Today’s Bitcoin price prediction is different from 2017. It is now a much more mature asset and has developed safe-haven characteristics. The maturity is evident in the way it has undertaken its present journey. This time around, BTC got support from both the crypto community and institutional buying. The world’s top investors and financial institutions now recognize BTC‘s underlying strength.
Even the staunchest BTC supporters must realize that the road to the top is always bumpy. They must have suitable safeguards to prevent losses against minor corrections. Therefore, the massive buy wall near $17,000 support is an excellent move by the whales and makes Bitcoin price prediction clearer.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.