Bitcoin Price Analysis: Is BTC Price Recovering?

The Bitcoin halving event is just a few days away. The Bitcoin price is already showing a slight recovery after a considerable decline. Is this the perfect time for a rally above $10,000 and towards the all-time high at $20,000?

The Bitcoin Price Analysis: Technical Details

Right now, the Bitcoin price is trading at $6,681. The initial resistance is at $6,800, and $7,000 is a significant level. The BTC/USD is expected to get a ‘basic” fall to $6,000, a movement that would generate a new market, supporting more buyers to enter the market for the upcoming rally towards $10,000.

Support one: $6,413– One week Fibonacci 25.6%

Support two: $5,998 – SMA 200 1-hour, SMA 50 4-hour, and the one week Fibonacci 40%.

Resistance one: $6,710 – SMA 50 15-minutes, Bollinger Band 1-hour.Resistance two: $7,008.

The Bitcoin price is displaying a few sure signs above the $7,450 and $7,400 support levels against the USD. The price could pound higher towards $7,000 or even $7,500 if it clears the $6,800 resistance.

Changpeng Zhao is imagining a Bitcoin Price has a market capitalization of $2 trillion

The CEO of Binance, Changpeng Zhao, is envisioning a market situation where Bitcoin Price has a market capitalization of $2 trillion. In his view, such a large market cap would place the price per BTC at $100,000. One factor that could send Bitcoin’s market share to such levels is the continuous printing of money by central banks around the world to avoid possible economic pressures amid the Coronavirus pandemic.

He Tweeted:

As we get used to talk about Trillions, a modest $2 trillion market cap of #bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right?

As most BTC are not for sell (HODLers), we only need a small portion of that $2t to buy to reach it.
— CZ #BNB (@cz_binance) March 25, 2020

Conclusion

Day traders and dealers are liking this kind of volatility which is very high in every market right now … But increasing the Bitcoin price on decreasing volume is not a complete buy situation.

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#Analysis #bitcoinprice #BTCPrice

Posted By

Prasanna

Prasanna is the editor-in-chief of CryptoTicker English. He has a huge knowledge of the cryptocurrency market. He is an extremely accomplished technical analyst having vast experience in the crypto domain.