The latest Bitcoin price predictions are coming in strong for a likely drop in price. The king of cryptocurrency Bitcoin BTC saw a price hike on the 8th of October jumping from $10600 range to the $10900 range. The following day, it saw another rise in the price to the $11000 mark and has been trading above that mark ever since.
In the last 24-hours, Bitcoin price saw some fluctuation dipping down to the $11222 mark, while $11200 continues to serve as strong support. Following the dip, Bitcoin saw a flash rise to the $11400 range.
Bitcoin price saw the 24-hours high at the time of writing and the lowest point was marked around afternoon GMT time at the $11222 mark, while, the price highest was marked at the $11700 mark. We can see the head and shoulder rise around the same time and following the pattern, Bitcoin price has mostly been trading under the $11500 range. At the time of writing Bitcoin price stands at $11520 mark.
Bitcoin price prediction: What the analysts expect?
Trading view analyst BitcornBern explains in his Bitcoin price prediction that the current high is just a fake out and the king of cryptocurrency may just fall back down to the $9500 mark.
The analyst explains that even though the price is going up there is a likely foul play in action. He bases his analysis on the weak Relative Strength Index (RSI) results, which is showing a hidden bearish divergence on the daily scale. He furthers that the trade volume is also shrinking instead of increasing, all the more reason to expect a fake market swell. However, the price action has not played out yet.
Another famed Trading View analyst Solldy explains in his price prediction chart that the king is very shaky at the time of writing and very likely to see a retrace towards the current support levels found below the $11000 range.
Solldy believes that the cryptocurrency is likely to fall to the $11300 support levels in the current scenario and if it fails to sustain that level it can fall further to the $10900 support levels.
BitcornBern and Solldy are not the only analysts expecting a fall, Compatible Trading System also explains that a bearish move is very likely based on a bearish butterfly pattern forming on the charts.
Systems, however, expect a lower fall towards the $11098 mark based on the bearish butterfly pattern thats evident on the three month Bitcoin charts.
Legend Trader 1980 provides some mental relief to the traders explaining that a bearish divergence is evident on the 4-hour price charts. He explains that the king of cryptocurrency is currently trading in the oversold zones, therefore a dip to $11087 mark is very likely, but that is not going to be the end.
Legend furthers that Bitcoin price is going to rise back up after the expected correction and head towards the much-awaited $12000 high. He expects the price action to play out in a slow pattern rather than a flash crash. Given the current market instability and possible FoMo working against Bitcoin price stability, cautious trading is advised.
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.
