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