- Bitcoin price prediction expects a new YTD rally
- Bitcoin price hits the $16412 level, next target predicted as $20000
- BTC witnessing a bullish breakout owing to Covid 19 vaccine
Bitcoin price dipped to $15,629.43 before witnessing a consistent upward pressure and landing at $16,412.4 in the last 24 hours. The king of cryptocurrency is experiencing consistent fluctuations between the $16165 and $16415 range; a high possibility of continual bullish trends is rising as the king moves towards higher levels.
At the time of writing, the cryptocurrency king is trading hands at the $16,430.02 mark. While on the other hand, trading view technical signals consistently show strong buying momentum (19) and a weak selling momentum (2), while 7 remain neutral.
The moving averages signal a strong buying impetus, with the Exponential moving average valued at $ 15,931.33 inclined towards buying. The oscillators depict a weak buying approach with a relative strength index of 77.67, inclined towards selling action.
Bitcoin price prediction: Where is BTC headed?
Famed trading view analyst, VincePrince detects some critical price actions through the chart below after a strong bullish outburst has been experienced by the king. This arrives in the wake of the news that Covid 19 vaccine has been found. The analyst expects a new YTD rally owing to the constant monetary pumping into the market by the central banks.
A sturdy bullish breakout can be seen in the upper zone of the ascending-channel-formation. With proper price actions in place, the analyst confirms the king to soar some new heights as the Santa rally days come closer.
The analyst discusses an enormous triangular structure coming up by the upper limit of the local mounting formation and the global ascending formation. He predicts a lateral movement between the two zones in the upcoming days granting the king immense strength and stature. This would lead to a new YTD rally or an All-Time High (ALT) in the first or second quarter of 2021. To give wings to the prediction, the analyst says it is vital for the king to hold tight at the 15-EMA mark coinciding with the ascending channel formation’s upper zone. If not, a bearish tendency is inevitable, with the king dipping to lower marks.
The analyst concludes by indicating a pullback for the cryptocurrency king as it navigates the upper boundary resistance proving the sturdy potential of the triangular structure coming up. He recommends traders and investors to watch-out for bearish possibilities on the local timeframes front, still experiencing major resistance through its layers.
Analyst Trading Shot explores a fascinating pattern between the cryptocurrency king’s market position and the correlation with bonds primarily and stocks secondly.
Cryptocurrency is often marketed as a different realm; however, there is little denial that Wall Street continues to make its impact on the cryptocurrency trends. The analyst believes in seeing the crypto market grow exponentially; expansion of the stock market is a given.
The analyst, through the charts above, signifies the inversely proportional connection between the low-risk government bonds and the high-risk Bitcoin market trends and predicts BTC to reach along the lines of $ 20,000 ALT by the year-end.
