This Bitcoin Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our BTC price analysis and prediction.
Bitcoin continues to be the number one cryptocurrency in terms of market capitalization since its creation in 2009. In the past week, Bitcoin maintained its price above $10,000 with a growth rate of +2.6% in the last 30 days.
How does this affect the price of the Bitcoin today? Let’s check it out in this Bitcoin price prediction 2021 article.
BTC/USDT recovered from its bearish dip to almost $9,500 in the month’s early days. This week, the crypto was trading at a high price of $10,798, with a +6.99% growth rate. Prior to that, its low price of $9,825 was recorded last September 25. If Bitcoin manages to maintain its bullish position, the crypto might be able to break its first resistance level of $10,816.
On the contrary, if the coin fails to maintain its position with the bulls, the crypto might break out its bullish position and fall down along with the bears at the first support level of $10,498.13. In this case, the crypto must find a way to quickly recover, because if not, Bitcoin price might fall even deeper to the second support level of $10,378, which is -2.38% deeper from its bullish position of $10,630.61.
The relative strength index (RSI) of Bitcoin at 47.50 shows that the coin is still at its neutral state. On the other hand, the moving average convergence/divergence (MACD) of the crypto is still at the top of the signal line. This is an indicator that the market still favors the crypto.
Bitcoin (BTC) Price Prediction (Oct 2020)
Aside from maintaining to be the number one crypto in terms of market capitalization, Bitcoin was also seen to be competitive against other digital assets such as the S&P 500 and gold. Today, the S&P 500 is traded at $3,419.45, while gold currently amounts to $1,897.90.
What is Bitcoin’s sound price prediction for October 2020? Let’s see the chart.
BTC/USDT opened the month of October with a high price of $10,931 above the Fibonacci golden ratio level of 0.618, a bullish indicator. If this trend continues, the crypto can be seen to tag along with the bulls in breaking the resistance level at $11,200.
However, if the bulls turn against the crypto, Bitcoin could slide down as low as $10,400. This is a -4.42% price fall from the resistance level of $10,882. In case the bears overwhelm the bulls in this situation, the bulls must bounce back as soon as possible.
Bitcoin Price Prediction 2021
Since its creation in 2009, Bitcoin has managed to withstand all the crypto market trials and volatility. It has even grown its price to +29.9% in the past 12 months despite the global COVID-19 pandemic.
Today, Bitcoin ranks as the sixth most valuable currency globally, with greater value than all UK Pound Sterling notes and coins in circulation. Would this make Bitcoin crypto worth investing in 2021? Let’s head to the chart for this BTC price prediction 2021.
As stated above, Bitcoin has been trading well this 2020 despite the COVID-19 pandemic. The coin still managed to grow to over 187.15 % since its bearish dip last March 2020. As shown in the chart above, Bitcoin trades at a high price of $10,800 above the Fibonacci level of .0236. This is a bullish Fibonacci level.
Bitcoin must maintain its position above the Fibonacci golden ratio level (0.618) in order to remain its bullish price trading. In this case, Bitcoin can be seen to be breaking the resistance price level of $12,599.
However, if the market turns against the coin, Bitcoin might break out and plummet its price all the way down to $7,000. This must not be allowed by the bulls; the trading price of $7,000 is too deep for the coin to recover its composure.
On the other hand, the moving average convergence/divergence (MACD) of the crypto has just performed a golden cross, which is a bullish indicator. Meanwhile, the (RSI) of Bitcoin is pointing towards the right path. The bulls can use this advantage to strengthen their rally against the bears. Following this, Bitcoin heads toward the bullish price of $20,000 in 2021.
Bitcoin’s conservative price prediction in 2021 is $7,000. It may also reach over $22,000 within January 2021.
Read Also: Bitcoin (BTC) Price Analysis September 2020
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.