Bitcoin price prediction – Beware the weekend consolidation above $18,500

  • Bulls dominate every Bitcoin price prediction as BTC price hits $18,977
  • BTC/USD prints fresh new multi-month high in a bid to cross $19,000
  • Traders remain cautious in overheated markets as technical indicators are overbought
  • On-chain metrics reflect further uptrend in BTC/USD targeting fresh all-time high
Bitcoin price prediction – Beware the weekend consolidation above $18,500 1
Cryptocurrency heat map by Coin 360

Bullish Bitcoin price prediction still relevant – BTC/USD set to touch $19,000

Bitcoin bulls are new-found high as BTC price is set to touch $19,000 after scaling the $18,900 mark. The digital currency is presently consolidating above the crucial $18,000 support, and the coin is preparing to launch further to higher levels. Even during the present short consolidation phase, bulls are not letting it slide below $18,400 support and are leaving no chance for the bears.

The market capitalization of Bitcoin has crossed $345 billion. Another notable milestone for the king of cryptocurrencies is the average daily trading volume that has now surpassed $39 billion. Bitcoin is breaking one resistance after another, and the coin is charting a new trajectory to reach fresh all-time highs to prove bullish Bitcoin price prediction.

On-chain data suggests that BTC/USD is set to take off to fresh all-time highs. Indeed, there isn’t a must in terms of technical resistance between $18,200 to $19,100. BTC bulls are likely to use the range to consolidate in their push towards higher levels. There are considerable barriers beyond $19,200, where selling pressure can intensify to stop the bullish wave.

Bitcoin price movement in last 24 hours – Bulls defend weekend price fluctuations

Bitcoin price prediction – Beware the weekend consolidation above $18,500 2
Bitcoin price chart by TradingView

Bitcoin price prediction is currently in bullish territory, which means that the BTC/USD ignores overbought technical indicators. Even though investors predict a blow-off top, there are high chances that BTC price will undergo a correction before it touches fresh new highs. The all-time high of $19,531 is approaching near, and traders are looking to book profits.

Undoubtedly, the traders will target the $20,000 psychological mark in the next few days. But the overbought technical indicators pose a threat to the bullish wave. Vertical rallies always contain waterfall downtrends, which contribute towards cooling down of the long-term bullish trend. A mature asset undergoes regular cooling periods before it touches fresh new highs. The first support for BTC/USD remains $16,000, where the 20-day EMA holds the fort.

BTC/USD 4-hour chart – Bulls are determined to hold above $18,000

Bitcoin price is not in the mood to consolidate during the weekend. Typically, there is thin liquidity during the weekend, which can wreak havoc on the price. However, bulls have been able to prevent any untoward wild movement in the past few weekends, and the price has always bounced back from weekend fluctuations.

Presently, more than 400,000 addresses have supported BTC near the $18,000 support level. Bulls have institutional and BTC whale support near the $17,000 level to chart a higher uptrend move. The RSI and MACD are overbought on the hourly timescale. But the weekend trading activity is muted, and excessive selling isn’t on the cards over the weekend. It is highly unlikely that bears will breach the massive wall built by BTC whales near the $17,000 support region.

The current consolidation is a preparation to push the BTC/USD to new highs above $19,000. The thin liquidity can eventually push BTC/USD to fresh new highs over the weekend. The fact is evident from the jump from $18,466 in the hourly charts. The support region near the $17,200 was defended well by the bulls despite the odds stacking up against them.

Crypto analysts now tout Bitcoin as a safe-haven

Bitcoin is on the verge of printing fresh new highs. Crypto analysts are highly optimistic about the cryptocurrency’s prospects into 2021. Tom Lee of the Fundstrat Global Advisors believes that Bitcoin will overthrow gold as a ‘De Facto’ safe-haven asset in the future. Bitcoin’s credibility as a store of value is increasing every day, and investors are adding BTC to their portfolio as a hedge against inflation.

Bitcoin has outperformed every other asset in 2020 to deliver outstanding returns to investors. Apart from gold, no other asset can claim to challenge Bitcoin in this tumultuous year. Bitcoin’s recovery from March 2020 lows has been incredible, and traditional investors note the bullish Bitcoin price prediction. Crypto analysts think that the best of Bitcoin price prediction is yet to come.

Bitcoin price prediction conclusion – Overbought signals are piling up

The hourly charts are painting overbought signals, and the BTC/USD is reaching overbought levels. The technical indicators, including RSI and MACD, are now trading near overbought levels, which means short-term traders are cautiously looking at the hourly charts. Most of the sell signals are flashing red, and candlestick patterns are way overbought on the hourly timeframes.

Notably, the Bitcoin price prediction is holding on to the highs. In overextended bull rallies, the price tends to defy technical indicators. In long-term bullish rallies, the correction periods are usually small, and bears cannot fully exploit the downtrend. Both investors and traders must remain cautious as the market is saturated with sell signals, and the analysts are painting bullish Bitcoin price prediction scenarios.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

About the author