Bitcoin price prediction: Bitcoin retests $36,500, prepares to move higher?
Bitcoin was at $8,200 on December 4, 2017, but has since dropped to $5,500. I’m not going to pretend to know precisely why Bitcoin dropped so far, but I will make a few guesses. There was quite a bit of profit-taking after the market corrected from its all-time high, which tends to lead to a bit of a stumble. Also, Bitcoin’s technical indicators used to predict its price are based on a long-term average, which have been trending downwards for the past year.
Bitcoin has been on a tear recently—so much so that it’s been dubbed a new “bubble asset” by some. The digital currency now has a market cap of over $15 billion, making it by far the most valuable cryptocurrency as measured by dollar value. While some commentators are turning bearish on Bitcoin, the price could still rise a few thousand percent over the next few years. That’s what our price prediction model is saying: Bitcoin should test $36,500 before beginning a bull run that could take it to $60,000 by the end of next year.
The Bitcoin price is on the move again. It has broken out of the triangle support at the $21,000 mark to reach a new all-time high of $36,500. And this has happened in just the past week.. Read more about bitcoin price predictions and let us know what you think.
Summary of the situation
BTC again finds resistance at the $40,000 level.
The closest support is $36,500.
The next goal is $42,000.
The outlook for the bitcoin price is bullish today as the market rejects further declines near the $36,500 support. Therefore, we expect BTC/USD to continue to rise in the coming days and break through the $42,000 barrier. Heatmap for crypto-currencies. Source: Coin360 The general market has moved into negative territory over the past 24 hours. Bitcoin is down 3.6% and Ethereum is down just over 6%. Cardano (ADA) and Ripple (XRP) were among the worst performers, losing 9%. BTC/USD opened at $38.556 after yesterday’s slightly bearish close. From there, the market moved lower overnight and reached current local support at $36,500. As long as the support level holds, we expect BTC/USD to move higher in the coming days.
Bitcoin price movements in the last 24 hours
The BTC/USD price has varied from $36,587 to $40,379, indicating high volatility. Trading volume is down 14.6% and total market value is $692.7 billion.
BTC/USD 4-hour chart – BTC drops overnight
On the 4-hour chart, we can see that BTC has been trying to break below the $36,500 support level for the past few hours. Four-hour chart of BTC/USD. Source: TradingView Overall, the market is still trading with a bearish price action structure. After peaking below $59,000 resistance in early May, the market fell by about 50% until support was found at $30,000. The bitcoin price then rose to the $42,000 level, where there was strong resistance. Earlier this week, the BTC/USD price fell and found support at $32,000. Since then, another small decline has nestled around the $40,000 resistance. As a result, BTC is currently trading in an increasingly narrow range. Once bitcoin is able to cross the $42,000 level, we expect the market to begin rising in the coming weeks and reach its previous all-time high. Otherwise, if support at $36,500 is broken, we will see further sideways consolidation in the coming days until a base forms again from which to move further up.
Bitcoin Price Forecast: Supplement
The outlook for the bitcoin price is bullish as the market is still above the $36,500 support level after consolidating in recent days. As long as support holds, BTC/USD should see another push higher later today. In anticipation of more bitcoin price action, read our guides on how to buy Cardano, bitcoin’s market dominance, and how to mine Zcash. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Bitcoin is currently hovering around $35,500. Although this is up 32% from just one week ago, it is still down about 35% from its 2013 peak. Still, the cryptocurrency remains over 1,300% higher than its 2014 low. While this is a cause for celebration for many cryptocurrency enthusiasts, bulls may still be a bit concerned about a potential retest of the $18,000 support level, especially after the recent correction.. Read more about will cryptocurrency crash and let us know what you think.
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