Bitcoin has been dropping throughout the past few days, with buyers and sellers both being unable to take control of its near-term trend.
Altcoins showing strong signal despite BTC price plunge.
Analyst Predict Bitcoin price to reach new ATH soon.
Bitcoin and other altcoins have been struggling to maintain their momentum so far. Although Bitcoin price briefly dropped to $15,600, the king of crypto quickly recovered and showed resilience above $16K.
Will BTC Price Reach New ATH?
Analysts predict that Bitcoin will explode to the upside after a retest. According to the active trader and classic technical analyst Saeed :
Bitcoin Price may re-test the uptrend after touching the support and then rise again to levels higher than the previous resistance, and it is expected to reach its highest point, which is the price of $ 20,000
Also prominent analyst “PlanB” recently shared the chart below :
The chart shows that Bitcoin’s one-week RSI is about to cross above a historical bull market level. This should result in an extremely strong rally in the months ahead if the price holds that level.
Even Josh Rager, a cryptocurrency trader, recently shared the chart below.
According to Rager, Bitcoin is likely to rally 700-1,000% in the upcoming bull run as Bitcoin seems primed to set a new all-time high on a monthly basis.
Altcoins Looking Strong despite BTC price decline
One analyst observed that altcoins are looking strong despite the declines seen by ETH and BTC today. He also notes that Bitcoin is now trading above a crucial high time frame support level.
Bitcoin Price Analysis
At present, Bitcoin is trading at $16,048.49 with minor loss. The king coin is currently holding $297,512,771,258 with $27,278,475,187 trading volume.
If bitcoin stays above the $15,690 and $15,200 support levels, there are chances of a fresh increase. An initial resistance on the upside is near the $16,200 level.
The next major resistance is near the $16,450 and $16,500 level. A clear break above the $16,500 level may perhaps open the doors for a larger increase towards the $17,000 level.
On the other hand, the break below the $15,690 level, the price could continue to move down towards the $15,250 and $15,200 support levels. The price must stay above the $15,000 support zone to avoid a larger decline towards the $14,500 level.
However, right now, the selling pressure faced above $16,000 hasn’t been too intense, but bulls’ waning strength has caused it to drop below this level.
One trader explained in a recent tweet that the cryptocurrency appears to be overbought at the moment, with its Ichimoku Cloud support currently sitting at just over $13,000. This could mean a decline to this level is imminent.
- The MACD indicator is slowly losing momentum in the bullish zone.
- The RSI for BTC/USD is just below the 50 levels.
- Major Support Level – $15,690
- Major Resistance Level – $16,200