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Bitcoin Price Analysis: Bitcoin Will Reach $6,000

bitcoin analysis forecast

The Bitcoin cryptocurrency exchange rate is adjusted after falling to $ 3,900. It seems, that the digital asset will rise in price to $ 6,000 by March 24.

Key Points

Buyers have broken resistance in the region of $ 5,000 and fixed above this mark.

On the hourly chart, an upward trend is forming with support at the level of $ 5,350.

BTC/USD value will continue to grow to the nearest resistance zone - $ 6,000.

On March 16, the price of Bitcoin skyrocketed to $ 6,000 and, pushing off from this barrier, collapsed to $ 4,354, breaking through support at around $ 4,500. After correction, the bulls overcame resistance in the region of $ 5,000. At the moment, BTC is trading above 50% Fib recorded during the dump of the coin exchange rate from $ 5,986 to $ 4,354.

The market is experiencing positive dynamics, however, the upward movement will meet strong resistance at $ 6,000. It is unlikely that buyers will be able to overcome this barrier, so the value of the asset will once again creep down. A factor indicating a short-term bullish trend will be breaking through resistance at around $ 5,600. The next barrier is located at $ 5,980.

Bitcoin Will Get Cheaper In The Medium Term

The chart data and technical indicators suggest that market makers will continue to dump BTC. The price should roll back from $ 6,000 to $ 4,500, breaking the support barriers at $ 5,350 and $ 5,000. The cryptocurrency rate fluctuates within a descending narrowing triangle, so in the medium term, it is worth trading in a negative scenario.

btcusd 6000

Most likely, at the end of March, a triangle will break down and Bitcoin will reach a new low for 2020. Given the manipulative nature of the market, it is impossible to accurately predict to what point the value of an asset will drop. BTC/USD rate has already exceeded the limits of the historical support line several times (now it is approximately at the level of $ 5,000). If sellers can consolidate below $ 4,900, then the price of Bitcoin will be in free fall.

Technical indicators:

 4-hour MACD indicator is in the bullish trend zone.

4-hour RSI is above 40 (in the neutral area).

The main support level is $ 5,000.

The main resistance level is $ 6,000.

The nearest pivot points are $ 4,136 and $ 5,794.