The long-term trend line of BTC / USD suggests that it has plenty of capacity to continue working. The world’s most famous cryptocurrency rose to its highest level in nearly a year during Monday’s late U.S. session, trading at over $ 11,000 per coin on Tuesday for Asian sessions as traders continued to follow pastoral behavior.
Bitcoin, another alternative security you can pick up through new sessions, is a great way to deal with unprecedented Federal Reserve monetary easing programs. Still, major cryptocurrencies could function as more tactical bets versus inflation and moderate returns.
Read the latest update to Bitcoin 2021 Price Forecast
Current BTC / USD price: $
Recent changes in the price of bitcoin
Extensive analysis predicts that the price of bitcoin will touch nearly $ 20,000 this year, and will continue to rise to nearly $ 400,000 by 2030. Researchers have also predicted the prices of a number of other major cryptocurrencies, including Bitcoin Cash, ETH Ethereum and LTC Litecoin. In turn, this begs the question: given that $ 11,000 has already been breached, what is likely to be the Bitcoin price forecast?
|Bitcoin forecast: Q4 2020
||Bitcoin forecast: 1 year
||Bitcoin forecast: 3 years
|Price: $ 13,875 – $ 17,250
Price drivers : Symmetrical perforation of the triangle, second wave COVID19, enhanced attractiveness of a safe haven in gold (positive correlation).
|Price: $ 12,250
Price drivers : Bearish correction, Violated repeat test, taking profits at the end of the year.
|Price: $ 20,000
Price drivers: 50 EMA support, ABCD sample completio
BTC / USD – Factors Affecting Bitcoin Prices
The price of Bitcoin (BTC) was supported by major stock exchanges, which have fallen significantly since mid-March 2020, following the day of the big drop on March 12th.
According to Glassnode, a market and chain analytical resource, there have been a collective 2.64 million BTCs on the stock exchanges since July 29. Meanwhile, the price of Bitcoin remains on a bullish path, and recently exceeded an annual high of $ 11,400. Let’s talk about predicting Bitcoin from different sources.
Heisenberg Capital founder Max Keizer predicts $ 100,000
Heisenberg Capital founder and Bitcoin pioneer Max Keizer has recently used his twitter account to share his opinions on the $ 100,000 BTC price tag. He started a relatively long thread on his social media account, simply saying:
“$ 28,000 is at stake before we see a retreat – and then we move towards the six-digit.”
This decision began after BTC / USD exceeded $ 10,000 and has been trading bullish for some time. The expert has not fixed any timetable that suggests whether this forecast will come true by the end of 2020.
Interestingly, many people have since pointed out that the fall in greenbacks could be credited for that. Precious metals, gold and silver have also risen in price.
Citibank projects $ 120,000 by 2021. – Here’s why
One of the more interesting forecasts came from the financial institution Citibank,
because it predicted that bitcoin prices would reach $ 120,000 by 2021. Although this analysis is attributed to Citibank, it is not an official source. Anyway, what are the obstacles that Bitcoin needs to fight along the way? The real test for BTC / USD will be $ 13,850, and if it manages to break that, we could see a massive purchase above this level.
In another forecast based on the progress made in 2016, Citibank revealed that related trends were experienced this year. Furthermore, the institution shared the following:
“The initial good resistance was reached from 10,500 to 10,820 dollars. If it discounts, the next good level will be $ 13,850, and above that, $ 19,511. If $ 19,511 were to give way, well, the chart speaks for itself. ”
According to the “Chart speaks for itself”, Citibank claims that BTC could reach as much as $ 120,846.80, which is a rather princely price forecast for BTC / USD. As a result, traders are adding to the purchase of stores by the leading cryptocurrency Bitcoin, and a sharp rise in demand is very likely to boost its prices fairly quickly.
Panxora projects 7000 BTC / USD by the end of 2020 – here’s why
In an email correspondence between Forbes and the CEO of Panxora, a cryptanalyst firm, Gavin Smith, the latter showed continued instability until the end of 2020. Therefore, it is assumed that the value of BTC / USD could fall to only 7 thousand US dollars. Nevertheless, the next action will be the year of overall maximum (ATH) for the leading cryptocurrency Bitcoin. His logic seems to coincide with the logic of CEO Crypto Quanta, who shared the following:
“A short-term catastrophe [will happen] this year before the real rally takes place [2021.” the global economy is suffering a strong demand shock with the potential to lower bitcoin. ”
S2F (In-Stock Stocks) projects 55,000 BTC / USD by the end of 2020
The S2F model stands for Inventory Flow Flow Model, and appears to have made a forecast of $ 55,000 based on events in May 2020. The inventor behind S2F stated the following:
“The projected market value for Bitcoin after halving in May 2020 is $ 1 trillion, which means that the price of Bitcoin is $ 55,000,” in addition, “gold and silver, which are different markets, are in line with the values of the bitcoin model for SF . “
Summarizing the S2F mood, the model supports bullish bias in BTC / USD prices.
Precious metal, gold and bitcoin
This week, the price of Bitcoin (BTC) recovered to a 2020 high of $ 11,392, aided by a growing correlation with gold, and currently the monthly correlation of Bitcoin with yellow metal on daily returns is 0.66, according to a CryptoCompare report. The correlation between the two commodities began to rise when gold crossed a record high of $ 1,900, approaching a new high, before retreating alongside Bitcoin.
Given the growing correlation, this represents a shift in the trend, as the relationship between the two has been declining in the past, according to data from the Kraken exchange research team. As a result, previous correlations between Bitcoin and gold have led to an increase in the price of Bitcoin (BTC).
As we all know, the U.S. dollar and global economies continue to face damage from the outcome of the COVID-19 pandemic. As a result, it seems likely that stocks of valuable assets, such as Bitcoin and gold, will continue to be in high demand in the future. The last time there was a slight correlation between Bitcoin and precious metal (around 0.5) was towards the end of 2018. We have already talked about the time when a month earlier, in November 2018, Bitcoin faced a 50% drop, triggered by Bitcoin -cash war.
However, on the one hand, the correlation between gold and Bitcoin has increased, while on the other hand, the correlation of Ether (ETH) with Bitcoin has started to decline at about the same time, and the figure is now 0.56.
US dollar and bitcoin
The sharp rise in bitcoin could also be attributed to the inflation of the US dollar, fueled by fears of the collapse of the US economy. The failure of the COVID-19 stimulus package and the overheated stock market have prompted traders to invest in the security of hard assets, such as gold, and increasingly Bitcoin.
Moving on, Bitcoin could finally be ready for another big bullish market cycle, as Bitcoin’s supply on the stock exchanges is declining, while at the same time the interest of retailers and institutions seems to be increasing.
Bitcoin and Tether (USDT) inflows from exchange
Stock exchanges suggest that market players are showing greater interest in retaining their Bitcoins in the long run by withdrawing from stock exchanges to directly control their own private keys, according to market analytics firm Arcane Research.
In addition, the recent continuous growth of foreign exchange inflows into Tether (USDT), which reached its highest level since 2020 yesterday, and the total supply, which now stands at almost $ 10 billion, the number of digital dollars waiting by the side to buy BTC is possible more than ever . Therefore, the potential increase in Bitcoin prices in the coming days seems solid.
Technical Analysis – Can we expect a bearish correction in Bitcoin – BTC / USD?
Speaking of the technical side of the market, Bitcoin trades with solid bullish prejudices, jumping to $ 11,306. In the monthly time frame, Bitcoin violated the symmetrical pattern of triangles in the range of $ 9,875. The recent bull candle on the monthly time frame suggests strong prospects for further Bitcoin purchases.
Looking at the long-term forecast for Bitcoin, the leading crypto pair looks like a bull. On the higher side, Bitcoin could find its next resistance within the $ 12,017 range, while a bullish crossover of $ 12,017 could bring Bitcoin prices to $ 13,875. Above that, $ 17,250 is likely to function as the next resistance.
BTC / USD bull swallow, RSI, MACD and 50 EMA – all purchase suggestions
On the monthly chart, the exponential moving average for 50 periods suggests a strong bullish bias, but at the same time suggests a solid chance for a bearish correction, as its value remains at 6,397, far from the current market price of 11,275.
BTC / USD Fibonacci withdrawal
Speaking of the Bitcoin price forecast for mid-2021, we can expect Bitcoin prices to fall to $ 12,250, after bearish corrections, or perhaps to complete 50% Fibonacci retracement. To see a bearish retreat, the double high resistance level of $ 17,174 and the candle closing below this level look solid. We might notice a sales bias below $ 17,170 until previously broken resistance becomes a support level of $ 12,250.
A lot of exciting aspects were donated by some famous experts from the crypto space. Each team seems to have strong arguments in the trade, which makes it even more fascinating to watch what will all take place in late 2020. Those who see the bull event are currently playing a rope with those predicting bear development. Let’s prepare for the second half of the year, carefully monitoring the underlying side of the market to catch any changes in Bitcoin’s sentiments.