Kataryna Kovtun June 4, 2020
Bitcoin has returned to the bullish phase after a significant recovery from levels around $ 9,300. BTC was forced to return to the $ 9,000 range, realizing that at the moment it was not possible to keep the $ 10,000 bulls.
On Monday, Bitcoin reached a peak above $ 10,400, but an immediate reversal made the bulls rush to defend support for $ 10,000. Unfortunately, due to the small volume and huge areas of support, bitcoin has adjusted to $ 9,000. Bitcoin is currently trading at $ 9.550 on the BitXmi crypto exchange. All eyes are riveted on a break above $ 9,700 (previous resistance zone). Profits above this zone can also pave the way for actions over $ 10,000, just as it was on Monday. The wider spectrum of the bitcoin market confirms that volatility is expanding. As the trend becomes bullish, and more and more buyers enter the market, activity may increase in the European session.
At the moment, technical indicators show that Bitcoin can consolidate profits from $ 9,300 above $ 9,600. The RSI, for example, is currently moving horizontally at 60 after retreating from the overbought zone. Side trading will allow more buyers to join the market, as they believe in a recovery of up to $ 10,000.
BTC/USD Price Chart
Analysts Opinion on Bitcoin Rate
According to Mike McGlone, an analyst at Bloomberg, Bitcoin could double its value to $ 20,000 this year. He argues that the potential growth of bitcoin is possible due to the growth of futures markets due to institutional participation, the positive impact of the halving on the dynamics of supply and demand in the cryptocurrency market, and the actively increasing number of BTC wallets.
McGlone believes that the tendency for bitcoins to move before and after halving is about the same as in 2016, and if the story repeats itself, then by the end of 2020 it is possible to reach $ 20,000.
“Bitcoin reflects a similar move in 2016 to its previous peak. Most likely, four years after this event and a 75% drop in 2018, Bitcoin will reach a record level of 20,000 in 2020 if it follows the trend of 2016, ” — he said.
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