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Forecast on the Bitcoin exchange rate: the coin will rise in price to $ 8000 by May 5

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Written by   20
2 years ago

The Bitcoin cryptocurrency rate (BTC) has fixed above the support zone of $ 7600 and continues to grow slowly. Therefore, the coin should go up to $ 8000 by May 5.

Key points:

1. Two attempts by buyers to break through resistance in the region of $ 7,800 failed.

2. On the hourly chart, a downtrend line is formed with resistance at around $ 7800.

3. The bullish trend will strengthen after the bulls overcome the barrier of $ 7800.

On April 23, the BTC price increased by 10% as a result of a powerful impulse, however, the upward movement slowed down, and over the past two sessions, Bitcoin has risen in price by only 2.7%. On April 28, the asset value reached its maximum level over the past 47 days - $ 7796 (on the Gemini exchange). Nevertheless, the bears defended the barrier of resistance at around $ 7800, so the rate was adjusted to $ 7670.

Cryptocurrency is now trading in the range above the closest support area at $ 7,700. If sellers overcome this barrier, then the coin will fall in price by at least $ 7640. This mark is at 50% of the Fibonacci level recorded during the BTC pump pomp from $ 7,485 to $ 7,796. The next support zone is located in the zone of $ 7600, which coincides with the average cost of an asset for 100 hours.

To what level can Bitcoin go up?

There are two most likely scenarios:

1. The value of Bitcoin drops to $ 7600-7400 and then grows to $ 8000;

2. The BTC rate starts from $ 7,700 and reaches $ 8,000.

Most likely, traders will dump a coin up to $ 7400 before a new impulse. At 09:00 Moscow time, the volume of Bitcoin trading increased sharply, as a result of which the asset rate volatility should increase on April 28. On Tuesday, the dynamics of changes in the value of BTC went beyond the upward trend that arose on April 23. But the price of the coin rises as part of the bullish trend of March 13, in connection with this, the market remains positive.

At the level of $ 8000 a powerful resistance barrier has been formed. If the bulls break this barrier, the BTC price will rush to $ 9000. In case of failure, one should expect a fall in the rate to at least $ 7200.

Technical indicators:

The MACD indicator for 4 hours is in the bearish trend zone.

The 4-hour RSI is above 60 (in the neutral area).

The main support level is $ 7600.

The main resistance level is $ 7800.

The nearest pivot points are $ 7,405 and $ 8,053.

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Written by   20
2 years ago
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Comments

Good straight forward analysis. Yes I think Bitcoin looks bullish in this timeframe, and beyond. I expect a New ATH late in the year, post halving. Pre Christmas. Ethereum looks even more bullish esp with 2.0 coming in July.

$ 0.00
2 years ago

Yes, I agree! Ethereum is very optimistic. Not excluding the investment of large projects this year, Ethereum and BCH are very promising for good growth!

$ 0.00
2 years ago

Yep accumulate! :) lol

$ 0.00
2 years ago

If this forecast is anything to reckon with, for BTC to likely reach $8k by May 5; then BCH will likely reach $300 to $350. This is a good information to follow so as to make money from the speculations.

$ 0.00
2 years ago

Yes. In fact, we have a year ahead, everything has its own time, it is necessary to maintain a cold mind.

$ 0.00
2 years ago

Yeah BCH has been incredible and most of the top coins will overshoot Bitcoin imo. ETH, XRP etc. And Hex too. Structural support is incredible.

$ 0.00
2 years ago

It's close to 9k already :)

$ 0.00
2 years ago

Been expensive for 9k and that's enough!;P

$ 0.00
2 years ago

It looks that price is aiming higher now, as it is already close to $8500. I'm still surprised though how everything is pumping along with Bitcoin. This didn't happen like that in the past. Perhaps there will be some short of declouping from Bitcoin at some point of assets that are highly used and have completely different usecase.

$ 0.00
2 years ago

Of course, but + - always reach for him.

$ 0.00
2 years ago