- Bitcoin price prediction shifts to neutral as bulls sustain momentum
- BTC/USD holds onto $16,000 despite repeated rejections above $16,400
- Lower support near the $15,750 region provides yet another accumulation opportunity
Bitcoin price movement in the last 24 hours – Bulls are resilient to defend $16,000
As BTC/USD crosses $16,000, crypto analysts are increasingly optimistic about higher price levels. At the same time, bears are readying their worst-case scenarios in case the tables turn. Whether Bitcoin’s price will rise or a potential correction is on the way, the jury is still out there on the immediate Bitcoin price prediction.
Bitcoin price has closed above $16,000 for two successive days. Bulls are resilient in their momentum and leaving no chance for the bears to rise. Analysts share different viewpoints on where the BTC/USD is headed next, especially in the short term.
Bulls are excited about the positive macro developments and hope the current trend will continue till the year-end. Still, the oversold hourly charts reflect an overheated rally as the technical indicators flash red.
5/ We got back to the safe zone. The $BTC correction was smaller than I expected. Obviously, the bull market will continue till this Exchange Whale Ratio will range between 85-90%.
— Ki Young Ju 주기영 (@ki_young_ju) November 13, 2020
A rising trading volume and regular flow of stablecoins all support the bullish Bitcoin scenario. The breakout above $16,000 will be sustained by a rising flow of stablecoins into the exchanges. The medium-term trend of Bitcoin certainly looks bullish.
Understanding the bull scenario for Bitcoin
Bitcoin is confidently trading above $16,000, supported by a buoyant bull rally and fuelled by rising volumes. IntoTheBlock reports that the coin is likely to face minimal resistance in its journey towards the $18,750 mark. Next, the historic $20,000 would come into the picture bringing back memories from 2017.
As #Bitcoin closes at $16,300 yesterday, it has only been at this level or higher for 12 days in his entire history.
— intotheblock (@intotheblock) November 13, 2020
The on-chain data and market order book suggests that the $15,170 region is beginning to emerge as a healthy support level on the daily charts. Close to 465,000 Bitcoins have been purchased around the $15,170 price area by more than 860,000 BTC addresses. Therefore, the area will serve as a foundation for the next rally higher.
Bitcoin price prediction conclusion – Bulls have things under control, for now
Technical Bitcoin price prediction suggests that there’s considerable fuel left in the current rally. Bitcoin bullish momentum is too strong now to warrant a deep pullback. Moreover, the ‘Fear-of-Missing-Out’ will propel this rally further, and new traders and investors discover the rising BTC strength. The staircase rally may witness a rejection at higher levels, possibly around $17,000 first and then again at $18,000 to support bullish Bitcoin price prediction.
Still, the possibility of a consolidation phase cannot be ruled out as the bullish rally fizzles out due to minor profit booking. The Bitcoin price prediction can stagnate near the $16,000 range. The FOMO buyers can vanish quickly as the exuberance wanes, and the price can crash to lower support levels.