Bitcoin price prediction: likely to break the $16,000 soon

• Bitcoin price prediction witnessing a sturdy upward thrust
• Bitcoin price hits the $15,476 level.
• BTC holding likely to hit $20,000 by year-end

Bitcoin price prediction: current price overview

Bitcoin price chart experienced a dip to $15,092 before taking flight to $ 15.476. The cryptocurrency king is expected to hit higher marks on the charts with the Santa rally around the corner and a plausible bearish cycle. More will be revealed on the effect of Biden’s presidency on the charts in the weeks to come.

At the time of writing, the cryptocurrency king is trading hands at the $15,465.72 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (16) and an even weaker selling momentum (4), while 8 remain neutral.

The moving averages signal towards a strong buying impetus, with the Exponential moving average valued at $15,290.31 inclined towards buying. The oscillators depict a weak selling approach with a relative strength index of 71.95, inclined towards selling.

Prominent pricing analyst at trading view, VincePrince takes us through BTC’s historical wins, critical points to consider by potential traders and a strong bearish movement ahead.

Bitcoin is soaring new heights not witnessed sine the surge of June 2019, the king is experiencing historical levels moving towards an enormous mounting structure. Despite occupying space within the same price bounds since a few days, the analyst indicates the presence of crucial resistance clumps that may take the king on the bearish run instead of a rising upwards to complete the bullish cycle. Current and future price actions have been noted by the expert in the chart above.

The king is seen proceeding towards the upper limit of its enormously ascending-channel-formation. Closing at the wave-count of this level , the king is swiftly approaching the amplified supply area, where supply availability is still high owing to prior price actions and a Fibonacci resistance can be seen present. Considering all these facets, the analyst predicts a bearish cycle dipping the price mark to lower points before rising again. Triangular structure on the lower time frames can be seen that at first hand will approach the Fibonacci-resistance and the critical upper levels. Initiating the bearish mode, once the price dips below $14800 mark, a clarity on the first short target will be visible that points towards stability. If this is not the case and the king continue its dip further, then the likelihood of a bearish trend all the way to the lower boundary can be expected.

VincePrince concludes by recommending observation on the resistance levels and keeping the bearish trend in mind. Bitcoin has exhibited some well-grounded price actions , however, reaction to the oncoming resistance will determine bullish or bearish possibilities. 

Another top analyst Tradingshot discusses the two cardinal elements, Pitchfork and the Hyperbola, dominating Bitcoin’s price action for more than a year.

Trading and investment groups are on the hunt for new indicators to project cryptocurrency trade. The analyst in the chart above depicts the critical points of the ongoing price action including the pitchfork , hyperbola, 40 degree angle and the RSI trend lines to help in projecting and making worthy crypto decisions.