Bitcoin price has been on quite an exciting juncture lately. After months of a slump, Bitcoin suddenly went through a strong bullish push a couple of weeks ago. Since then BTC/USD price has been hovering around the $3800-$3999 price point but is having a hard time staying past $4,000.
Bitcoin did manage to break the $4,000 border a couple of times, but lost all momentum and fell through immediately. Let us take a closer look at the BTC/USD pair and at the Bitcoin price prediction for the next few days:
BTC/USD Pair Performance: What Does the Bitcoin Price Prediction Look Like
Given this struggle of BTC/USD between $3800-4000, here’s a simple explanation:
In technical terms, this means that a market resistance has developed at $4,000. On the other end, a “support” has formed at $3,800. Basically, the ‘bears’ sell their Bitcoin every time the price crosses $4,000 and the ‘bulls’ buy every time the price drops below $3800.
However, given the currency’s performance in the past – there is an expectation that Bitcoin price is about to surge yet again. Let us take a look at how the BTC/USD pair has performed over the week-long period:
Bitcoin price at the beginning of the week was $3865. As the week progressed, there was a temporary drop. The price fell to $3,740 at its lowest point. However, the BTC/USD pair quickly recovered to reach $3,800 again in a few hours. At the end of the week, the Bitcoin price stood at $3,924. The highest point of the week came earlier today when BTC price hit $3,940.
Bitcoin’s market cap too, went through the ups and downs. BTC started the week with a market capitalization of $67.88 Billion, fell to $65.73 Billion at it’s lowest, but then recovered to the current total of $68.97 Billion. At its peak, the Bitcoin market cap stood at $69.31 Billion.
Bitcoin Price Rise Likely: Market Sentiment Largely Positive
Another reason why Bitcoin price is likely to rise soon is that the market sentiment is quite positive. Market sentiment is basically how investors feel about Bitcoin. Currently, the sentiment is quite healthy and people have significant faith in Bitcoin. This is partly due to recent statements from the likes of John McAfee, Elon Musk and Jack Dorsey who have backed Bitcoin.
It will be interesting to see if Bitcoin manages to break through the line of resistance that keeps pushing it down at $4,000.
Source: Blockonomi
