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Bitcoin price to bounce back to $7500?

Bitcoin price to bounce back to 7500

Since last week, Bitcoin price has gone down by nearly 3 percent even though its rate remains unfazed. For most altcoins, quotes have dropped, giving the bears a steady grip on the top 10 coins.

Bitcoin’s market share seems to be sinking with a present dominance index, adding up to almost 67 percent.

Bitcoin dominance

At press time, BTC has a Market Cap of $133,996,764,077, its volume over 24 hours is $17,525,572,867. After incurring a decrement of nearly 0.7 percent in the last 24 hours, its price currently is $7,408.70

Bitcoin price movement: Bulls holding the long run?

Bitcoin has been fluctuating between $7,200-$7,400, since the beginning of December. And at the time of writing, Bitcoin price stands at $7461.39.

Bitcoin price chart 2 - 6 December 2019Bitcoin price chart by Trading View

The short-term chart shows that Bitcoin is currently heading towards the $7,500 mark, with a potential of $7,500. The fact that the Moving Average Convergence/Divergence hasn’t moved from its bullish trends confirms this estimation.

Bitcoin price chart 3 - 6 November 2019Bitcoin price chart by Trading View

The current growth, although seemingly modest, can drop quickly with continuous degradation. The 200-day moving average is close to joining the 100 and the 50-day moving averages at this rate. Bitcoin is headed towards a $7500 mark, which is very likely given the previous Bitcoin price movement.

However, in the longer run, BTC price may be poised for a bearish run soon enough if the double head and shoulders pattern played out similar to the pattern that caused the current crash.

Featured Image by Pixabay

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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