The king of cryptocurrency Bitcoin (BTC) has taken a plunge today, and the pundits are buzzing cryptosphere with one Bitcoin price prediction after another.
One of the analysts MagicPoopCannon, among the top followed on trading view, predicts that the Bitcoin price would hit the thirteen thousand and eight hundred dollars mark once again, by the 10th of September.
Bitcoin has been down by over four percent (4.14%), while the trading volume stands over fourteen billion dollars ($14.92B).
While the market cap after dropping down now stands at one hundred and ninety-five billion dollars ($195.084B) according to trading view stats.
The analyst is of the view that the cryptocurrency may be showing bearish signs right now, but the price movement would change towards a bullish trend soon.
So, what I am most interested in, is seeing if BTC can hold the 50 . Just below that, we have the rising purple support line. So, if BTC falls below those levels, I expect that we could see a rapid fall to the 7,000 level. However, there is a chance that BTC can hold the 50 , and/or the rising purple . So, if we hold around that area and start to head higher, we could have a technical setup to produce a powerful rally toward [$]13,800.
Bitcoin price prediction: Support/Resistance
Furthermore, he explains that while MACD is in the bearish zone. However, the Bitcoin price trend is showing some massive chances of short term pressure before the rally towards the thirteen thousand and eight hundred dollars mark ($13,800).
Bitcoin had last hit the thirteen thousand dollars ($13000) mark on the 26th of June in the last major rally in the previous three months. The rally swayed Bitcoin price down to the nine thousand dollars ($9000) mark before starting a sway between ten thousand dollars ($10,000) and twelve thousand dollars ($12,000).