As cryptocurrency becomes more stable in market price, bitcoin price prediction ends up being logical. Here is this post I would like to share my opinion on BTC/USD change for couple of months. I will keep this as short as I can to let you read more from graphs.
First of all, lets take a look at the first figure and see the whole picture. After the highest pick in 2017, bitcoin faced a huge drop and came down to $3800. It is obvious that this drop resulted from a drop in demand…
Another thing I want to point out is two areas in black circles. The first one occurred when big holders (or whales/exchanges/wallets) sold out their HODLs to grab btc at lower prices, very clever. This will always inevitable if exchanges keep big part of bitcoins… Sorry! Then a price increase happened as price drop brought more attention on news (This is what “they” wanted by the way). The second circle is due scary scenarios caused by CORONA-19, as you can guess.
My prediction starts right after this bull-run. After bitcoin priced reach about $12.500 it created its resistance to come down slowly again. During a long term bear market move it created mini-bull runs.
I will simply make two predictions. First one is in long term and rough estimation on first figure. Second one is going to be on Figure 2. et me start by saying that I have created 2 borders (Top and Bottom) with green lines. These two lines will of course represent my prediction’s constrains. Price after touching top will decrease or touching down will increase eventually. I come up with this prediction by creating a guess in price drop with red line by the end of price graph. Even though there was no CORONA-19 pandemic, bitcoin would face bear market anyway. Where the red line meets market price, I interpreted it to be a start of a bull run.
My second prediction will have more residual moves and cover little more detail on graph. Again I have drawn 2 green line to define Top and Bottom border. I have also located deeps with black arrows on RSI graph, investing.com
Each one of these deeps (black arrows) represent a buy alert for investors&traders. As a result, it is possible for bitcoin to gain value on market and you can see upward moves on graph. I have indicated my bitcoin price prediction by drawing a solid red line. It is somewhere gets dashed in order shown possible move after touching Top resistance point.
In summary, bitcoin price based on my interpretation will continue undulations around $8.000 and gain power to hit back to $10.000 or even $11.000 in case. After touch to top, it will come back to $8.000 and a while later gain value as bitcoin halving news create attention.
Finally, I have shared my thoughts with this awesome community. I am always open to any ideas. If you are new to cryptocurrency and want to buy some click here.
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