June 16, 2020 / Analytics

Bitcoin Price Analysis: BTC/USD Will Reach $10,000

bitcoin forecastBitcoin (BTC) cryptocurrency exchange rate has corrected after a sharp fall. Therefore, BTC/USD should reach $ 10,000 by June 23rd.

Key Points

  • BTC gained 4%, breaking the resistance at $ 9,500 over the past day.
  • A downtrend line with resistance at $ 9,330 was broken.
  • The bulls are aimed at taking a new barrier at $ 9,800.

On Monday, the value of Bitcoin reached its minimum value for a month – $ 8,910 (Bitstamp data). However, in the morning, traders began to pump the coin’s rate, breaking through resistance at $ 9,100, $ 9,200, $ 9,300, and $ 9,500. The bulls broke the bearish trend line and made a reversal in the market.

BTC has risen in price to $ 9,596 and is consolidating in an area above the $ 9,500, which acts as the closest support zone. If the current dynamics continue, the cryptocurrency price will overcome resistance at $ 9,640 and $ 9,800 and reach $ 10,000 by June 23.

Bitcoin Will Get Cheaper In The Medium Term

ByteTree founder Charlie Morris has published BTC blockchain statistics:

  1. network speed decreased by 454%;
  2. the amount of transactions decreased;
  3. The MRI index has grown significantly (miners sell more coins than they mine).

According to Morris, these factors indicate a decrease in Bitcoin demand, which will lead to a drop in the coin rate to $ 7,000. The chart data suggests that the price of BTC changes within the descending triangle with resistance at $ 9,700. The lines will intercross on July 2, so the level of volatility should decrease over the next two weeks.

btcusd chart

Matt D’Souza, CEO of Blockware Mining, advised investors to build up cryptocurrency reserves on the eve of a bull wound. According to D’Souza, in the next 18-36 months, the price of BTC will reach $ 20,000, $ 50,000, or even $ 100,000. Blockstream chief Adam Beck made an even bolder forecast, saying that Bitcoin will skyrocket to $ 300,000 in five years.

Technical indicators

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 50 (in the neutral area).
  • The main support level is $ 9,400.
  • The main resistance level is $ 9,640.
  • The nearest pivot points are $ 9,473 and $ 9,829.

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