This article presents two key scenarios that would happen to Bitcoin prices. For the past week, prices seem to have stabilized and entered a consolidation mode. What would follow this price breather? Here’s CryptoTicker’s Bitcoin Price Prediction.
Bitcoin managed to break a very important price level in the past week. This 60K psychological price is being heavily debated. Some analysts think this would be the turning point into a crash. On the other hand, other analysts think that this price level would bring Bitcoin prices even higher, aiming for the famous 100K. Which side is right? Let’s see what happened so far, analyze Bitcoin’s price from a technical point of view, and try to assess what might happen with Bitcoin prices.
Bitcoin Price Prediction – Is Bitcoin Consolidating again?
Back in a previous article, we had a bullseye prediction on how Bitcoin prices will behave (figure 1). In a route called (A), Bitcoin prices gained momentum and rushed all the way from a price of USD 44,000 all the way to USD 61,900. This uptrend pushed the entire cryptocurrency market upward. In fact, this is no surprise as Bitcoin’s market dominance is currently sitting around 60.7%. Not only did we manage to predict Bitcoin’s reach of 60K, but we also warned of a potential retracement, specifically to the USD 53,600 price level. Guess what…Bitcoin did just that 😉
What will happen to Bitcoin Prices?
Currently, Bitcoin is sitting at a price around USD 59,000 and is eyeing 60K again. The current short-term consolidation is delimited between USD 55,000 and USD 60,000 (psychological prices). Since the current price is approaching a strong resistance again, two potential scenarios present themselves:
- Bitcoin prices will retrace one more time and form a double-top formation. This price-action is usually bearish and signals an upcoming downward trend in the short-term.
- The other scenario would be Bitcoin breaking the barrier of 60K for good, and finding a new consolidation area delimited by USD 60,000 and USD 65,000.
Crypto Market Overview
Despite the overall market correction in the past 7 days, the crypto market is still mostly up. Many altcoins are making headlines and increase in prices. This in turn is leading Bitcoin’s market dominance to fall, and maybe slip past the usual 60% mark:
1- Bitcoin (BTC) : + 3.72 %
2- Ether (ETH) : + 2.71 %
3- Binance Coin (BNB): – 1.99 %
4- Cardano (ADA) : + 17.79 %
5- Tether (USDT) : 0 %
6- Polkadot (DOT) : + 6.40 %
7- Ripple (XRP) : + 5.82 %
8- Uniswap (UNI) : + 9.72 %
9- Litecoin (LTC): – 2.88 %
10- Chainlink (LINK) : + 6.48 %
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