Bitcoin Price Analysis – Will BTC price hit $8K

As we have so far witnessed, Bitcoin is rising in an unprecedented way. Although some section of the market believes that this bullish trend is the effect of the upcoming Bitcoin mining reward halving, a lot of experts argue the halving may not have any effect on Bitcoin. 

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But for the rest of us, it’s so far so good. Bitcoin is moving forward to a full recovery. Let’s take a look at the bullish trend bitcoin price is moving and where it could possibly put a price in the next days or weeks.

Price Consolidating Beyond $7,700

As we can see from the charts, Bitcoin managed to retain its price in the $7,000 zone. At the moment the cryptocurrency is trading around $7,735.68 in most major exchanges globally. 

According to coinmarketcap, Bitcoin in the last 24 hours opened at around $7,719.20 reaching a low at around $7,702.06. The highest level the cryptocurrency reached was recorded at $7,790.75 and closed off the day at $7,745.12. 

Bitcoin registered the average 24-hour price of $7,745.99 with a change in the price of about $25.92 within the 24 hours period alone.

Price changes affects the total market capitalization of a commodity

Bitcoin’s latest market cap is estimated to be  around $142.12 Billion. At its highest price during the last quarter of 2017, Bitcoin market cap reached $300 billion. Bitcoin’s last 24 hour volume was recorded as $32.46 billion signifying the high levels of the market activities.

As the bulls control the market different analysts are coming out with long and short term bitcoin price predictions. 

Among the most trending Bitcoin price predictions is that of Time Draper, an American venture capital investor. Draper previously predicted that bitcoin could hit $250,000 by the year 2022. 

Recently it is confirmed that he still stands with his 2018 bitcoin price prediction of $250,000 by the year 2022  .Meanwhile, at the moment we are watching whether Bitcoin will manage to rally to at least $8,000 in the near future. 

Currently prices oscillate around $7,683 and $7,789.

The Technical Perspective – Traders Must Read 

Bitcoin predictions could be individual sentiments not based on any technical evidence. Lets see what the chart tells us about where Bitcoin is heading next. 

Currently it is safer to keep buying as prices are still rising. However selling targets should be maintained anywhere below $7,588 as any price movement below this level could trigger a further fall towards $7,455 so its advisable to activate short sellings below $7,588.

On the other hand, price lost the middle line of the ascending channel signifying that there will be a test on the support trendline of the ascending channel. There is also a possibility of a retracement from the support trendline.

Its almost obvious that price will retest the higher boundary of the range it managed to break recently. 

At the moment this point is the price support node and has both the 50 Moving Average, the Ichi Cloud and the Horizontal support zone coinciding. Once a retracement is confirmed around this position, we can initiate a long position.

But all in all we should expect bitcoin to rally slightly beyond the $8,000 mark in a matter of weeks or days. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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