The last few days saw the spectacular rise of Bitcoin, for which many traders and investors were eagerly waiting. BTCUSD prices shot past $7,700. Many analysts jumped in with their predictions of Bitcoin crossing the $9k mark post the reward halving.
After every 210,000 blocks are mined, the number of Bitcoins per block gets halved. The current BTC rewarded for each block is 12.5. Post the auspicious date in May; the reward will be 6.25 Bitcoins.
BTCUSD price analysis and prediction
The day’s range for BTCUSD is $7,655.99 — $7,813.68. To get a clear picture of the current phase of Bitcoin, we need to take a look at both the daily timeframe and the weekly timeframe.
Here’s the weekly chart for BTCUSD. Source: TradingView.com
- The weekly timeframe for BTCUSD shows that it is on an uptrend.
- The traded volumes have reduced gradually, however. It could be because of the current macroeconomic conditions.
- The weekly chart shows that Bitcoin is undoubtedly bullish in the long term.
However, for the shorter term, we need to take a look at the daily timeframe.
Here’s the daily chart for BTCUSD. Source: TradingView.com
- The daily chart shows that Bitcoin is at the upper spectrum of the Bollinger Bands. And the volatility is also high.
- There is a horizontal resistance zone right above the region where Bitcoin is currently trading. This resistance zone lies between the range of $7,800 to $8,500.
- If BTC is successful in breaking past this zone, there is a good enough chance that BTCUSD would cross $9,000.
The daily chart proves that in the shorter term, Bitcoin is not exactly bullish. And the past few weeks gave enough evidence of this fact. Bitcoin seems to have replicated the equity markets in the short term.
