Bitcoin has been moving between $ 18,500 and $ 19,500 for over a week. After a period of steady upswing, the cryptocurrency seems to slow down and gain strength in this area.
Analysts advise caution as BTC prepares to close one of its best years. At the time of writing, Bitcoin has been trading at $ 19,055 in the last 24 hours (-0.44%). On the weekly and monthly charts, Bitcoin gained 7.52% and 22.50% respectively. This last period, XRP and XLM took the lead in the rally with gains of over 110%.
Bitcoin Predictions by Market Experts
Trader Josh Rager expects the cryptocurrency’s price to continue to move sideways at the $ 19,000 level that it currently holds. The break of the $ 18,500 support or the break above the $ 19,700 resistance could indicate that Bitcoin is starting a decisive move towards new highs or lower.
Trader Capo of Crypto, on the other hand, expects more movement on the bitcoin price and a possible close at all-time highs. In his latest analysis, the trader set a target of $ 19,100 as a major level before a possible rise in BTC’s price.
In addition, Bybt data revealed an increase in the activity of old Bitcoin addresses. CryptoQuant CEO Ki Young Ju believes this is a “change” for Bitcoin owners. Therefore, he assumes that the old whales sell their funds to institutional investors.
Senior commodity strategist Mike McGlone predicts a $ 50,000 price for Bitcoin in 2021, according to a recent monthly report from Bloomberg Intelligence. McGlone believes the price of BTC will rise to new heights with the increasing institutional demand and the decrease in the circulating supply of the cryptocurrency. In addition, the analyst set a support level of around $ 10,000 with the possibility of a correction early next year and moves similar to those experienced by BTC in the last quarter of 2020. Also, McGlone had previously stated that BTC could reach $ 100,000 by 2024.
Trader Crytpo, on the other hand, used data from Santiment to show that there is a larger volatile scenario regarding the drop in the price of the cryptocurrency in the short term. The trader believes that the drop in Bitcoin percentage on trading platforms is an indication that new investors are entering the market.
Therefore, there is the potential to see a significant increase in the price of BTC as daily volatility increases, this metric remained relatively low throughout 2020. CryptoBirb sees $ 5,000 daily candlestick potential in the short term. In addition, the trader has set a minimum target of $ 40,000 if the BTC price is made to surpass the all-time high.