- Bulls dominate every Bitcoin price prediction as BTC price hits $18,977
- BTC/USD prints fresh new multi-month high in a bid to cross $19,000
- Traders remain cautious in overheated markets as technical indicators are overbought
- On-chain metrics reflect further uptrend in BTC/USD targeting fresh all-time high
Bullish Bitcoin price prediction still relevant – BTC/USD set to touch $19,000
Bitcoin bulls are new-found high as BTC price is set to touch $19,000 after scaling the $18,900 mark. The digital currency is presently consolidating above the crucial $18,000 support, and the coin is preparing to launch further to higher levels. Even during the present short consolidation phase, bulls are not letting it slide below $18,400 support and are leaving no chance for the bears.
The market capitalization of Bitcoin has crossed $345 billion. Another notable milestone for the king of cryptocurrencies is the average daily trading volume that has now surpassed $39 billion. Bitcoin is breaking one resistance after another, and the coin is charting a new trajectory to reach fresh all-time highs to prove bullish Bitcoin price prediction.
On-chain data suggests that BTC/USD is set to take off to fresh all-time highs. Indeed, there isn’t a must in terms of technical resistance between $18,200 to $19,100. BTC bulls are likely to use the range to consolidate in their push towards higher levels. There are considerable barriers beyond $19,200, where selling pressure can intensify to stop the bullish wave.
Bitcoin price movement in last 24 hours – Bulls defend weekend price fluctuations
Bitcoin price prediction is currently in bullish territory, which means that the BTC/USD ignores overbought technical indicators. Even though investors predict a blow-off top, there are high chances that BTC price will undergo a correction before it touches fresh new highs. The all-time high of $19,531 is approaching near, and traders are looking to book profits.
Undoubtedly, the traders will target the $20,000 psychological mark in the next few days. But the overbought technical indicators pose a threat to the bullish wave. Vertical rallies always contain waterfall downtrends, which contribute towards cooling down of the long-term bullish trend. A mature asset undergoes regular cooling periods before it touches fresh new highs. The first support for BTC/USD remains $16,000, where the 20-day EMA holds the fort.
BTC/USD 4-hour chart – Bulls are determined to hold above $18,000
Bitcoin price is not in the mood to consolidate during the weekend. Typically, there is thin liquidity during the weekend, which can wreak havoc on the price. However, bulls have been able to prevent any untoward wild movement in the past few weekends, and the price has always bounced back from weekend fluctuations.
Presently, more than 400,000 addresses have supported BTC near the $18,000 support level. Bulls have institutional and BTC whale support near the $17,000 level to chart a higher uptrend move. The RSI and MACD are overbought on the hourly timescale. But the weekend trading activity is muted, and excessive selling isn’t on the cards over the weekend. It is highly unlikely that bears will breach the massive wall built by BTC whales near the $17,000 support region.
The current consolidation is a preparation to push the BTC/USD to new highs above $19,000. The thin liquidity can eventually push BTC/USD to fresh new highs over the weekend. The fact is evident from the jump from $18,466 in the hourly charts. The support region near the $17,200 was defended well by the bulls despite the odds stacking up against them.
Crypto analysts now tout Bitcoin as a safe-haven
Bitcoin is on the verge of printing fresh new highs. Crypto analysts are highly optimistic about the cryptocurrency’s prospects into 2021. Tom Lee of the Fundstrat Global Advisors believes that Bitcoin will overthrow gold as a ‘De Facto’ safe-haven asset in the future. Bitcoin’s credibility as a store of value is increasing every day, and investors are adding BTC to their portfolio as a hedge against inflation.