Bitcoin has suffered immensely after the bull run. The cryptocurrency has been struggling with regaining bullish momentum and facing strong resistance at many levels. Bitcoin is also highly volatile with unpredictable price movements. The coin has been oscillating between the bulls and bears with no trend established as of yet. At the time of writing, BTC stands at a price level of $39,336. The price has increased by 3% in the daily timeframe while the weekly performance has been a decline of less than 1%. The daily trading volume of the cryptocurrency has declined by 4%. Bitcoin stands at the first rank in the market with a capitalization of $747 billion.
Technical analysis
The market sentiment for Bitcoin is bullish in the daily timeframe as a minor upside move can be observed after a hard fall. Twelve of the total twenty-six technical indicators are giving out an indication of buy. Ten indicators of the rest are standing at a neutral position with only four bearish with a sell signal.
Bitcoin has been identified to be operating in an ascending channel formation. The cryptocurrency has been testing the support and resistance levels inside the channel. A symmetrical triangle has also been identified by a trader’s analysis. BTC coin is fast approaching a potential break out level. Given the volatility and unpredictability of the cryptocurrency, a breakout to either side is as likely and; hence, the upcoming price movements will clarify the trend of Bitcoin. In the bullish scenario, the price target at $43,904 will be activated while the bears will activate the price target at $32,930.
What is the future of Bitcoin?
Bitcoin is the king of the market and is generally expected to go upwards eventually. The future projections are bullish. According to Wallet Investor, Bitcoin’s one-year forecast is at $66,685 while the five-year prediction places it at $173,214. Bloomberg’s monthly intelligence report “Bloomberg Crypto Outlook” states that the cryptocurrency is on track towards achieving $100,000. The $100,000 target had been considered a matter of “when” and not “if”.
