Bitcoin price prediction: BTC price in sway at $29000

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TL;DR Breakdown Bitcoin price prediction expecting a further rise. Correction can take the price down to $22000. Current support found at $28400. Strong resistance found at the $29200. The king of cryptocurrencies started the year 2020 at a mere $7,000 but 2020 had been a good year for the coin. It climbed up to a … Read more

TL;DR Breakdown

  • Bitcoin price prediction expecting a further rise.
  • Correction can take the price down to $22000.
  • Current support found at $28400.
  • Strong resistance found at the $29200.

The king of cryptocurrencies started the year 2020 at a mere $7,000 but 2020 had been a good year for the coin. It climbed up to a value of $29,000 by the end of the year, priced at the time of writing. The king picked up the pace in November and has been on an upward spiral ever since.

It broke previous records of all-time highs and against all odds it has been surpassing one resistance level after the other. But what does the new year has in store for the king of cryptocurrencies? Is it going to continue climbing upwards or are strong corrections near?

For the day, Bitcoin saw some rocky fluctuations. The king of cryptocurrencies started off the day with a value of $27,475, and after peaking at $29,300, it is currently valued at $28,981. This indicates that the $29k level still serves to be a strong resistance level that the coin has been struggling to overcome. Eighteen of the twenty-eight technical indicators show a buy signal, whereas five are sell and five are neutral.

The majority of the oscillators are sell, and the moving averages are a strong buy. Although the market sentiment appears to be bearish, the cryptocurrency is currently being overbought, which can indicate the onset of a correction.

Bitcoin price prediction: What to expect?

Vince Prince has identified an ascending channel formation along with an ascending resistance line. Between the two structures, a coherent wave count has also been identified. Bitcoin has successfully completed three waves of the wave count. After the third wave, Bitcoin was expected to move downwards towards the ascending support line, but instead, the coin is portraying bullish pressures and is nearly touching the ascending resistance line.

In his Bitcoin price prediction Prince explains that, by the end of the wave count Bitcoin will enter a major head and shoulder target zone. The zone lies at the price level of $37k and very strong resistance will be faced by the coin. After this level, Bitcoin is expected to face bearish pressure and move downwards. 

Per another Bitcoin price prediction by Alan Masters, the real bullish pressure of Bitcoin has yet to start. The coin is in a parabolic formation and appears to be only going upwards. The analyst expects the coin to coin to soon cross the $30k mark and states that the volume indicators are displaying room for a further rise in the price. 

Analyst Atlas Traders is of the view that Bitcoin is currently in the third Elliot wave and has sights on the $40k mark. The fourth wave is expected to be a little rocky for the coin but after that he expects Bitcoin to rise to $50k in the fifth wave

Most Bitcoin price predictions of the future are optimistic as the coin is facing bullish pressures. Analysts are expecting the king of cryptocurrency to reach sky-high levels in the next year. However, the cryptocurrency market is known for its volatility and unpredictability.

Some analysts also warn caution to investors and suggest that they tread carefully. Analyst FX Profession, although states that the analysis is hopeful, warns of strong resistance. They believe that the king Bitcoin can fall to the $22.5k level and stabilize. 

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