The Bitcoin price prediction reveals that BTC could break out of the current pattern in the near term and head towards the $25,000 level.
Bitcoin prediction statistical data:
- Bitcoin Price Now – $23,909
- Market cap of Bitcoin – $456.1 billion
- Circulating supply of Bitcoin – 19.1 million
- Total Bitcoin supply – 19.1 million
- Coinmarketcap Bitcoin Ranking – #1
BTC/USD Long Term Trend: Bearish (Daily Chart)
Key levels:
Resistance levels: $32,000, $34,000, $36,000
Support Levels: $18,000, $16,000, $14,000
BTC/USD is currently trading at $23,909 with a gain of 1.10%. Looking at the daily chart, Bitcoin price might struggle to stay above the upper boundary of the channel. More so, for BTC/USD to stay above this barrier, many traders might think that the $23,000 support level might be strong enough.
Bitcoin Price Prediction: Would BTC Price Be Higher?
The bitcoin price might not drop much from today’s trading, but if the first digital coin breaks below the $23,000 support level, it might change the direction of the coin to face the lower boundary of the channel . Alternatively, Bitcoin (BTC) may recover the previous resistance level of $24,000 to head higher. If successful, BTC/USD could target the resistance levels of $32,000, $34,000, and $36,000 respectively.
Nonetheless, the Relative Strength Index (14) technical indicator is moving around the 60 level as the coin may consolidate around this level. Also, it could mean that there may still be a room that could be explored by bears if it goes below this level. Therefore, the support levels of $18,000, $16,000 and $14,000 can play.
BTC/USD medium-term trend: going (4H chart)
On the 4-hour chart, the technical indicator Relative Strength Index (14) is now rallying towards the 60 level, which could confirm the bullish move if it crosses above it. Meanwhile, in addition to the above, there is a bit of bullish divergence on the RSI (14) as the coin prepares to cross the 9- and 21-day moving averages to continue the bullish move.
However, if the price of Bitcoin moves towards the lower boundary of the channel, the market price could likely reach support at $22,000 and below. Meanwhile, if the current market value rises above the moving averages, it may reach the resistance level at $26,000 and above.
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