Bitcoin price prediction: Analyst suggests hodling

TL;DR Breakdown

• Bitcoin price prediction expects a sway in the price.
• Strong resistance lies at the $35,800 mark.
• Strong support lies at the $30,000 mark.

So far, the king of cryptocurrencies has been on an upward trajectory with no move towards the dreaded corrections analysts have been predicting. A new high of around $35,750 was established by the king of cryptocurrencies during the day, whereas the 24-hour low for the king was around $30,000. As for the 24-hour price action, the king has been on a rocky yet steady upward climb.

Nineteen out of the twenty-eight technical indicators are suggesting a buy, with 6 neutral and just 3 sells. 5 – the majority – of the oscillators are neutral with sell and buy both at 3 indications each. Most of the moving averages are buy with just 1 neutral and no sell signals. 

Bitcoin price predictions: What to expect?

Analyst Wyckoffmode suggests waiting till the current three-day candle closes. Per the analyst, the future of Bitcoin will become a little clearer then. As for now, the analyst is anticipating further upward pressure in his Bitcoin price prediction. The analyst expects the upward pressure to continue until the next 12-day candle begins on January 13^th. 

In their Bitcoin price prediction, analyst Iwils identified a cup and handle formation. The analyst has also pointed out the formation of a “W.” Both these formations indicate bullish trends and an upward breakout of the price. Per the analyst, these figures can aid Bitcoin in crossing the $40,000 level, provided that the coin surpasses the $36,000 level successfully.  The analyst further suggests that this is a highly likely scenario as Bitcoin is currently being bought aggressively, which will definitely help Bitcoin keep the uptrend. 

However, analyst Kiumars has identified an opposite formation – the “M” figure – in their Bitcoin price prediction. Although the “M” has not yet been completed, Bitcoin appears to be close to successfully forming the M, which would lead to a drastic price drop. The analyst has also identified bearish divergences in the RSI of Bitcoin. As per the analyst, bearishness can be expected from the coin as evident in the price actions. 

Analyst Edwardelsenburg has established the coin to be in an ascending channel formation in their Bitcoin price prediction. Bitcoin is expected to touch the lower boundary of the ascending channel, but it will bounce back and break out of the channel formation to the upside. The analyst is expecting bullishness from the coin and expects Bitcoin to soon reach the $37000 level. However, Bitcoin can be expected to face some major resistance at the $37700 level. Further future price actions will become evident after Bitcoin’s behavior at the resistance level. 

Analyst Sive Morten expects the upward trend to continue in the long-run, with the coin potentially reaching $150k in a year or two. In the short-term, the analyst has identified a wave count and expects a sharp crash from Bitcoin after reaching the $36.885 level. Per the analyst, Bitcoin can lose as much as 50 percent of its value in the upcoming days during the range of $35,000 to $50,000. The analyst considers the current position to be ideal for long-term investment while the short-term scenario seems to be a bit uncertain as of now.