Bitcoin was quick to climb to $12,500, yet remains far from claiming the $13,800 level! Will Bitcoin be able to reach it now or are we heading for a sell off?
Bitcoin Price Forecast – All good on the monthly charts!
Everything is looking fine in the monthly chart:
Neither the MACD nor the RSI are showing any bearish sell signals, and the Bitcoin price was able to form a higher high. Therefore, it should be possible for Bitcoin to target the golden ratio level at $13,800. However, it seems to be difficult for Bitcoin to break out of the $11,500 – $12,500 zone at the moment…
In our previous Bitcoin price forecast, at a price of $9,307, we predicted:
“And this could exactly be the case right now. Although Bitcoin seems to be struggling with the $11,500 level, it should be able to find support at the $10,000 level, and target $13,800.
Is the bull run completely over?
In order to answer this question, we should keep in mind the fact that Bitcoin has been developing very bullish this year, and is looking very good for the mid- and long-term. However, we can only talk about a renewed bull run if Bitcoin is able to break the golden ratio at $13,800. That’s because this level is the most significant resistance for Bitcoin, as it constitutes the golden ratio of the entire bear run! Indeed, Bitcoin should be able to aim for $20,000 after breaking $13,800. And thereafter, new all time highs would be possible.”
Bitcoin Price Forecast – Can Bitcoin break the resistance?
In the weekly charts, it becomes apparent that Bitcoin is struggling with the resistance between $11,500 and $12,500. Within the past two weeks the resistance held. And even though the MACD is still bullish for the weekly chart, the RSI is gradually reaching overbought zones.
This week is of great significance for the Bitcoin price. Because if Bitcoin were not able to break the $11,500 – $12,500 resistance, it would be possible that the price will move back towards $10,000. Should this level also not hold, Bitcoin could further drop to the support level at $8,600.
Bitcoin Price Forecast – Is Bitcoin heading towards a short term correction?
In the daily chart, the first bearish signs can be noticed. Bitcoin finds itself in the bearish rising wedge chart pattern, while the RSI is showing a bearish divergence. Beyond that, the MACD lines have crossed bearishly, and the histogram is moving down in bearish fashion.
It is however not very clear how strong the correction will end up being. After all the weekly and monthly charts are still looking very bullish. The Bitcoin price could already bounce off at $10,000, or even earlier at the 0.382 Fib level at $10,900, to be once again able to test the resistance between $11,500 – $12,500. Is this resistance broken, Bitcoin would be able to move towards the golden ratio at $13,800. Only when a Bitcoin price of $13,800 is claimed for good, will we be able to speak of a bull run!
As a reminder: the market cap of Bitcoin is still comparatively minuscule:
“The estimated worth of all real estate, stocks, money, gold , silver, and cryptocurrencies is about $362 Trillion. Out of that, crypto merely makes up 0.085%. There is still immense potential for growth. This becomes clearer when we look at the size of all of the world’s debt: $250 Trillion.”
Bitcoin Price Forecast – 4h 50-EMA as support!
The 4h chart is still looking bullish, and the golden crossover is still intact. Right now, the 4h 50-EMA looks like it could be able to offer support at $11,860. If however this support fails, Bitcoin would move back to the 4h 200-EMA at $11,442.
Beyond that, the MACD is signalling a short term continuation of the bull trend.
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