Price Analysis

Bitcoin Price Analysis: BTC/USD Will Drop To $8,800

btc forecast

Bitcoin cryptocurrency rate (BTC) grew by 2.5% and fixed above the resistance zone at $ 9,200 on July 6. However, since the beginning of June, the crypto market has been dominated by a bearish trend, so BTC/USD price should drop to $ 8,800 by July 14.

Key Points

  • The BTC price broke through the resistance at $ 9,300, but it could not resist above this zone.
  • A downtrend line has formed with resistance at around $ 9,290.
  • If this barrier is not overcome, the cost of the virtual currency will be reduced to $ 9,000.

Bitcoin exchange rate began to grow and reached its maximum value over the past two weeks – $ 9,372 (Bitstamp data) on Monday. BTC/USD overcame resistance in the region of $ 9,300. Nevertheless, on July 7, BTC fell in price and is now trading at 23.6% Fib recorded during the pump from $ 9,178 to $ 9,372.

The chart shows a bearish trend line with resistance at $ 9,290. The nearest support barrier is located at around $ 9,245. Breaking through this barrier would mean a drop in the  BTC exchange rate to $ 9,000. The upward movement will meet resistance at the levels of $ 9,300 and $ 9,500.

Bitcoin Price Will Rise In The Medium Term

Starting June 2, BTC rate has been changing as part of a bearish trend. The downward movement is not very dynamic, therefore, judging by the schedule, on July 14 the price of the coin will be a maximum of $ 9,196. Taking into account the depth of breakdowns, we can conclude that in the next week the coin will fall in price to about $ 8,800.

btcusd1

Since the end of April, a flat has been observed in the Bitcoin market. Moreover, the level of volatility continues to decline. Many traders predict a powerful dump, but several factors indicate a positive scenario. In particular, the Bitcoin value indicator, which determines the value of a cryptocurrency based on the amount of electricity consumed by miners, suggests that the asset should be 23% higher, that is, in the region of $ 11,427.

btcusd2

Bloomberg analyst Mike McGlone predicts an increase in BTC prices to $ 12,000. He takes into account the number of active crypto wallets and the number of unique addresses. In his opinion, an increase in these indicators proves the popularity of Bitcoin. In addition, Grayscale Investments bought BTC for $ 600 million from February 7 to May 17. These facts indicate the upcoming bull wound in the Bitcoin market.

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 60 (neutral).
  • The main support level is $ 9,000.
  • The main resistance level is $ 9,500.
  • The nearest pivot points are $ 9,093 and $ 9,282.

Discuss

Source: en.bit.news

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