May 5, 2020 / Analytics

Bitcoin Price Analysis: BTC/USD Will Reach $9,500

bitcoinforecastOn May 5, Bitcoin rate broke the resistance barrier at $ 9,000 again . Therefore, BTC/USD should go up to $ 9,500 by May 12.

Key Points

  • The bulls broke through the barriers at $ 9,000 and $ 9,020.
  • BTC/USD fixed above 100 SMA.
  • An uptrend line has formed with support at the level of $ 9,000.

On May 3, Bitcoin could not stay in the zone above $ 9,000, because of this a short-term bearish trend arose. As a result of the downward movement, the value of the asset fell to $ 8,541 (Bitstamp data).

However, at this point, traders began to actively buy virtual currency, and the BTC/USD grew by 7% per day.

During the uptrend, the bulls broke through the resistance barrier of $ 8,800. Buyers managed to overcome the key resistance zone of $ 9,000 and stay above this level. The nearest resistance zone is located at around $ 9,200. Successful breaking through this barrier will mean a further increase in the value of the cryptocurrency to $ 9,500.

What Point Will Bitcoin Be Pumped To?

BTC/USD is changing as part of the upward trend that arose on March 13. On April 30, bears took control of the market. However, BTC/USD went beyond the downtrend line on May 5. Therefore, we can make a forecast for the growth of Bitcoin value in the medium term.

btc rate

However, the outlook for the long is disappointing. If you draw a line of the bearish trend, which started in June 2019, it becomes obvious that the bull wound will end in the region of $ 9,500. After that, Bitcoin value will begin to fall again. Drawing an analogy with the second halving, we can predict that the price of BTC will decline until September 2020.

Technical indicators:

  • 4 hours MACD is in the bearish trend zone.
  • 4 hours RSI is above 60 (in the neutral area).
  • The main support level is $ 8580.
  • The main resistance level is $ 9,200.
  • The nearest pivot points are $ 8679 and $ 9385.

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