Kataryna Habeliia August 24, 2020
Table of Contents [hide]
- 1 Several well-known analysts have predicted a rise in the price of the first cryptocurrency.
- 1.1 Bitcoin Price Predictions. First Opinion
- 1.2 Second analyst opinion
- 1.3 Bitcoin price predictions from a third analyst
- 1.4 The fourth analyst’s opinion
Several well-known analysts have predicted a rise in the price of the first cryptocurrency.
In their opinion, soon its rate may rise by 15–20%. We learned from experts how likely such a scenario is and how to understand that BTC has entered a phase of decline.
Bitcoin Price Predictions. First Opinion
The bitcoin rate has returned to the growth phase again, said Michael van de Poppe, an analyst at the Amsterdam Stock Exchange. In his Twitter account, he published a chart of the cryptocurrency, in which he indicated that its price has consolidated above the support level of $ 11,400–11,500. This makes it possible to rise to $ 11,900, where resistance formed. If it is overcome, the next target will be the $ 12,200 mark.
Poppé noted that the scenario of a decline in the price of bitcoin is also possible. If the support level fails, there is a risk that the coin will fall in price to $ 10,600- $ 11,000. There, the rate will hit a new support level, from which it can bounce back to the $ 11,300–11,400 mark.
Second analyst opinion
Confidence in the growth of the value of the main digital coin was also expressed by the analyst and founder of Bloсkroots Josh Rager. According to him, the price of BTC has consolidated above the support level of $ 11,600, which has acted as resistance since 2018. This is a positive signal, it speaks in favor of the continuation of the upward trend.
But there are two conditions that could put the growth scenario into question, Rager said. The first is if the BTC price on the daily chart drops below $ 10,500 and cannot go back. The second — if the rate of the coin falls below $ 11,500 and remains below this level for more than a week.
Bitcoin price predictions from a third analyst
Private trader Alexander Boyarintsev also admitted the continued increase in the price of the cryptocurrency. According to his forecasts, the rate of the coin could rise to $ 13,000- $ 14,000 by the middle of next month. The reason for the growth will be market fluctuations, against the background of which Bitcoin can act as a defensive asset.
“The price of bitcoin has fixed in the range of 11,500–12,500 US dollars, and, technically, in the next 2 weeks, it is quite possible to expect a breakdown and continued growth upward … to 12,000 US dollars in the range of 13,000–14,000 US dollars per bitcoin. The tension on the market will increase, but the best protective asset will remain,” — Boyarintsev suggested.
He warned that for the growth of the main digital coin rate it is “extremely important” that it does not fall below $ 11,000. If this happens, then a decline to $ 10,500 is possible. Although such a development of events is unlikely, the trader is sure.
The fourth analyst’s opinion
Vladislav Antonov, an analyst at IAC Alpari, adheres to another position. He believes that in the next one to two weeks, most likely, Bitcoin will be trading in the range of $ 11,450–12,360. The current situation is similar to the period from May to July 2020. For the uptrend to continue, the BTC price must begin to rise between September 8 and 17. If after this date the rate remains below $ 12,500, then the risks of falling to $ 9,100 will increase.
Antonov added that a trend line passes at the level of $ 10,800, which has supported the cryptocurrency rate from the moment it began to recover from the March decline to $ 3,800. If the price falls below $ 10,800, this may indicate a trend change from upward to downward. But to confirm this scenario, the BTC quotes must consolidate below $ 10,300.
“Bearish signals will appear when the rate falls below $ 11,250. When the trend line is broken, everyone will start writing that sellers have broken the“ bullish ”trend. I believe that after the breakdown of $ 10,800, sellers need to gain a foothold below $ 10,300. If they cannot gain a foothold below $ 10,300, then when the price returns above $ 11,500, a false breakdown will be recorded, ” — Antonov explained.
He noted that now bitcoin correlates with the EUR/USD pair, this can act as a leading indicator. It is likely that if the euro continues to recover after Friday’s decline in quotations, which happened due to the publication of weak statistics on PMI indices in the manufacturing and services sectors of the eurozone, then BTC will receive support.
In mid-August, analysts at one of the oldest exchanges, Kraken, announced that the bitcoin rate could rise to $ 17,000–34,000 in the coming months. Representatives of the company wrote about this in the mailing list to VIP clients. One of the factors that speak in favor of the asset price growth was the overcoming of the downtrend that has been in effect since the end of 2017.
At the moment, Bitcoin costs $ 11,760 on the BitXmi cryptocurrency exchange, in 24 hours it has risen in price by 1%. The daily trading volume of the coin increased by 14% to $ 20.4 billion. The share of BTC in the crypto market dropped to 58.9%.
Join Bitxmi Exchange and get $10 worth of BXMI token after your first trade
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Bitxmi News won’t be responsible for any loss of funds.