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#Bitcoin Price Analysis

BTC $20K in December? Bitcoin Price Analysis

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Bitcoin price has been on a fluctuation too and mostly in a declining pattern showing a downtrend in its trade in the past few months.

The rise and fall of a cryptocurrency depends upon on a lot of factors. Bitcoin price has been rising and falling from time to time making users buy or sell Bitcoin. The rise and fall of bitcoin price also is used by users to make decisions on their investments.

 

What is Bitcoin?

Bitcoin is a digital currency which is the most used and traded enough to say it rules the cryptocurrency markets or at least it did. Now, it is questionable how it is performing as its performance has been affected by various reasons.

Bitcoin is traded and accepted by almost every cryptocurrency exchange platform making it one of the most widely used cryptocurrency existing out there in the world.

 

Performance of Bitcoin

Bitcoin price has been on a fluctuation too and mostly in a declining pattern showing a downtrend in its trade in the past few months. 2017 was one of the years where the price of bitcoin inflated so high that everybody who did not buy bitcoins regretted it as the price hiked up to $20k and hiked up even a little more hoping for it to rise more.

But from 2018, the bitcoin price value has been going down ever since lots of threats and attacks have been focused on bitcoin making the bitcoin price go down the downtrend line which almost is as close as the poor performance of Litecoin. Litecoin however, is almost close to reach the support zone. Bitcoin price will hike up once all the updates are released making its operation even better than its previous versions.

 

Bitcoin price analysis

BTCUSD Price Chart 2017-18

BTCUSD Price Chart 2017-18

The price of Bitcoin has been around $ 6000 recently and the evidence that is shows for any hike in the future is pretty low. This makes one question will bitcoin price reach around $ 20k by December? No one knows for sure as cryptocurrency market as it is or any financial market is unpredictable. Anything can change anytime in the financial markets. All it takes is spark of trust and confidence from the users spreading around the world and the next second you would obviously see a boom in the bitcoin price exploding up like firecrackers because that’s how bitcoin has been functioning and operating in the past.

 

How bitcoin price can reach $ 20k?

For starters the updates of bitcoin will make its efficiency increase and thus making the users feel the transactions and trade of bitcoin to be effective leading to a rise in the bitcoin price.

 

When more people start using bitcoins all around the world it will give a border-less transaction and trade opportunity to all users and people around the world. This will expand the markets of bitcoin reaching everyone out there and helping every industry to transact without any involvement of third party which by itself gives the means to have a better use and change the world for the better. This will give a rise to the bitcoin price too.

 

If liquidation process of bitcoin is made more efficient and faster than that would increase bitcoin price too. This would make the user or investors to feel free that they can buy whenever they want and sell it when they want. When liquidation is difficult, it makes the user feel like that they are buying but not able to sell which makes them feel like they are forced to buy and not sell. So now you could see how liquidation could help increase the bitcoin price too.

 

If the support of bitcoin from the developers side are upgraded with more privacy and record tracking of transactions, then it will give a surge of rise to the bitcoin price too.

Will Bitcoin Rise to $20K this year end too? Let us know about your thoughts in the comments section below.

#Bitcoin Price Analysis

BTC to USD, 19th May: Bitcoin Price Analysis, $6000 or $9000?

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Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum.

Technical Indicators:

Support Levels: $7500, $7000, $6600

Resistance Levels: $8000, $8200, $8300, $8500

Key Points:

  • Bitcoin price started to recover massively after moving above $6800 level.
  • The bulls pushed the price back above $7000 and even $7500 resistance level.
  • Bitcoin price was also able to break above the bearish pattern line which was being formed on the hourly chart with resistance around $7300.
  • Currently, BTC seems to be eyeing towards $8000 resistance level.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum and might soon test $8000 resistance level to move towards $8500 and even $9000 levels if it remains above $7200 and $7000 support levels.

Bitcoin price gained bullish momentum last week and broke above $7000 resistance level. The buyers were also able to push the price above $7200, $7500 and $7800 resistance level. BTC even moved over the $8000 level to record a new yearly high at around 8360. However, bitcoin price started to correct downwards later on and fell below $8000 level. The selling pressure increased massively and BTC also broke below $7000 support level which turned the overall momentum into negative. However, Bitcoin price found decent support around $6650 level where buyers were able to stop further losses.

Bitcoin price soon started to recover back upwards and broke above the resistance formed around $7000. BTC was also able to break through $7200 resistance level as well as the bearish pattern line that was being formed on the hourly chart with resistance around $7300. Bitcoin price also moved above $7500 resistance level and is currently trading well above this range.

With BTC currently trading around $7800, the overall momentum seems positive and Bitcoin price might soon test the $8000 resistance zone above which it might test the $8200, $8300 and $8500 levels. However, if bitcoin price started to correct downwards again, it is very essential for BTC to maintain its position above $7000 to remain bullish. If BTC falls below $7000 and $6600 support level, it might turn towards $6000 and even $5500 level in the short term.

BTC to USD Price Chart 19th May

BTC to USD Price Chart 19th May

The chart shows that bitcoin price was able to recover nicely after falling towards $6650 level. The overall momentum seems bullish and BTC might test $8000 level to move towards $8200, $8300 and $8500 resistance levels. On the downside, BTC is currently supported at $7500, $7000 and $6600 level below which the momentum might turn bearish.

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#Bitcoin Price Analysis

BTC to USD, 15th May: Bitcoin Price Analysis, $8500 or $7000?

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Technical Indicators:

Support Level: $7600, $7500, $7200

Resistance Level: $8100, $8350

 

Key Points:

  • Bitcoin price started to correct downwards sharply after rising up to around $8350.
  • The sellers pushed the price below $8000 and BTC tested the $7600 support level.
  • A bearish pattern is being formed on the hourly chart with resistance around $8100 which might push the price back downwards.
  • Bitcoin price might test the $7600, $7500 and even $7200 support levels before it starts a fresh upside move.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to correct downwards and fell below $8000. BTC is currently supported at $7600 and $7500 and might soon test the $8100 and $8350 resistance levels again.

 

Bitcoin price broke above the $8000 resistance level yesterday with bullish momentum. The buyers even pushed the price above $8100 and $8300 resistance levels, however, there were a lot of sellers placed around $8350 resistance level and thus after reaching up to $8340, bitcoin price started to correct downwards. During the downward correction, BTC delined below $8200 and $8000 support levels.

 

As the price declined below $8000, the selling pressure increased and the bitcoin price was pushed back to the $7600 support level. BTC reached up to $7631 before the buyers were able to control the situation and stop further losses. Currently, Bitcoin is trading well above $8000 and trying to move towards $8100 level. Also, there is a bearish pattern being formed on the hourly chart with the resistance at $8100 which might push the price back downwards. Thus, it is very essential for bitcoin price to break above this level in the short term to stay bullish.

 

The current resistance lies around $8100 above which BTC might test the $8350 resistance level again. A close above this range would take bitcoin to the $8500 and $8700 levels. However, if BTC falls below the $7600 support level, it might fall back towards $7200 and even $7000 level below which the momentum might turn bearish.

 

BTC to USD Price Chart 15th May

BTC to USD Price Chart 15th May

The chart shows that the bitcoin price is currently trading above $8000 and trying move towards $8100 level. Most likely, bitcoin price might fall down towards the $7600 support level again before starting a fresh upward move. As long as bitcoin remains above $7600 level, it will stay in an uptrend and might soon test $8350 and $8500 resistance levels.

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#Bitcoin Price Analysis

BTC to USD, 14th May: Bitcoin Price Analysis, Actually Bullish?

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Technical Indicators:

Support Level: $7950, $7500, $6800

Resistance Level: $8000-8050, $8150, $8300

 

Key Points:

  • Bitcoin price surged massively and broke above $8000 resistance level in order to record around 13% gain in the last 24 hours.
  • A new yearly high for BTC price was recorded around $8180.
  • A bearish pattern line is currently being formed on the hourly chart with the resistance between $8000 and $8050 which might push the price downwards.
  • If Bitcoin price breaks above $8100 level in the short term, it might soon test $8500 level.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price surged with bullish force and moved over $8000 resistance level. BTC is currently in a very positive zone and targeting the next resistance levels.

 

After Bitcoin broke above the $6800 and $7500 resistance levels, the bulls took full control and after correcting downwards to around $7000, bitcoin surged upwards massively breaking through $7200 and $7500 resistance levels quite easily. Also, BTC traded and settled well above the 100 hourly SMA. The bulls were also able to push the price above the $8000 resistance level and Bitcoin price even closed well above this level before correcting downwards.

 

The sellers around this level pushed the price downwards below $7800 support level. BTC tested the $7600 support level where the buyers appeared and stopped further losses. BTC is now back over the $7900 level moving towards $8000-8050 resistance level. However, there is a bearish pattern being formed with resistance around this level on the hourly chart which might push the price back downwards. If BTC is able to break above this range, there are chances that it might test the $8150 and $8300 resistance levels.

 

BTC to USD Price Chart 14th May

BTC to USD Price Chart 14th May

The chart shows that the bitcoin price is currently trading with bullish momentum. If BTC corrects downwards again, it is supported at $7950, $7500 and $6800 levels. On the upside, a break above $8050 resistance level might result in bitcoin testing $8300 and $8500 levels in the short term.

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