This BitTorrent 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 BitTorrent price analysis and prediction.
BitTorrent (BTT) price reached its newest all-time high (ATH) this February 2021 at $0.00198. It also reached a 24-hour trading volume of over $202 million. That’s also another ATH for the BTT community.
Nevertheless, the crypto market is in the red lately, and this may somehow affect BTT price as well. Let’s know more about it in this BitTorrent price technical analysis. But first, a little background about BitTorrent.
What Is BitTorrent (BTT)?
BTT is a TRC-10 token developed on the TRON blockchain. Moreover, it was created to give an enhancement to the BitTorrent protocol, which was launched in 2001, and was bought by the TRON Foundation in 2018.
BitTorrent is also one of the most popular networks, with more than 100 million monthly users. More so, this gives BTT tremendous reach right from day one. In addition, BTT remains one of the most competitive crypto to invest in today, all taken into consideration.
That said, is BitTorrent a good cryptocurrency to invest in 2021? Let’s find out in this BitTorrent price prediction 2021 article.
BitTorrent Price Prediction 2021
Currently, BitTorrent holds the 82nd spot on CoinGecko. But will the recent changes in the blockchain and its governance help catapult the price to a higher position?
In the daily time frame chart below, we can see that the resistance level has plummeted in a sharper rate than the support level. This shows that there are more buyers in the lows than there are sellers in the highs. As a result, the price will definitely go high.
As shown above, at the beginning of February, BTT was in a consolidation state. This indicates there is high trade volume occupied in that period. Moreover, on the smaller time frame, BTT shows the bullish ascending triangle pattern.
The Relative Strength Index (RSI) is at 80, which means that BTT is in an overbought state.
However, when we look at the macro perspective, the story changes entirely.
Since the start of 2021, BTT price has seen a number of spikes which are higher than the previous one. These are immediately followed by corrections and consolidations. Taking this into account, BTT has a lot of potential this 2021. Any sound bitTorrent price forecast based on this chart will be bullish, especially that institutional investors have begun their foray into crypto.
BitTorrent Price Prediction Chart Showing Falling Wedge Pattern
As shown above in this BitTorrent price forecast, BTT has shown a Falling Wedge pattern, which is a bullish signal. In ideal cases, this immediately leads to a price breakout.
In the short-to-mid term scenario for our BTT price prediction 2021, BTT has to break past the Fib retracement level at $0.0015. To do this, it has to establish more support at the Fib level at $0.0013. If not, BTT may remain in bear territory for at least a month or so.
On the other hand, our long-term BTT price prediction 2021 is bullish. It has a high possibility of surpassing its current ATH at about $0.0019 and reach up to $0.003 this year. If it exceeds our expectations, it may even reach $0.009 this year. However, that will not happen anytime soon.
BitTorrent has a bright future ahead of it in 2021. With ongoing developments happening within the BitTorrent ecosystem, as well as in the overall crypto market, we may see BitTorrent reach new heights.
Bullish BitTorrent price prediction 2021 is $0.003. As said above, it may even reach $0.009 if investors have decided that BTT is a good investment in 2021 along with prime cryptocurrencies like Bitcoin and Ethereum.
Meanwhile, conservative BitTorrent price prediction 2021 is from $0.0013 to $0.0019.
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.