Bitcoin [BTC] Weekly Forecast: Heads for $8,000 but up and Downs are Inevitable

Bitcoin
Image source: Shutterstock

Bitcoin [BTC] Weekly Forecast: Heads for $8,000 but up and Downs are Inevitable

  • Bitcoin prevailing technical levels are impressive.
  • Investors can expect a stronger bullish trend as we grind closer to $8,000.

The week has finally come to an end as Bitcoin continues to showcase its strength after hitting levels slightly above $6,300. The largest crypto has a target set on $8,000, however, technical levels suggest that the ride to this level is not going to be a smooth one.

BTC/USD daily chart

Bitcoin price forecast
Chart source: Tradingview

Bitcoin is currently exchanging hands at $6,261 level at the time of writing. The price is to some extent showing struggle to retrace higher. The prevailing technical levels are impressive since they are almost similar to the ones lost in November 2018 when the crypto winter set in. A reversal in itself is not a nice thing to look at. However, technically it will serve well for Bitcoin as it confirms breaking out of the elongated bearish trend.

Slightly above the current price, is the initial resistance that has been formed by a surge of resistance that goes as far as $6,800. The next resistance target rests at $7,100 (Bitcoin resistance congestion). Another resistance is observed at $7,450 (Bitcoin price resistance congestion). Bitcoin has eyes glued on $8,000; a level that it could trend towards especially if the prevailing resistance confluence does not strongly oppose movement north.

Also Read: Bitcoin [BTC] Price Cycles Replicated Until Now, $50000 Target Predicted by Peter Brandt

The initial support for Bitcoin is the $6,200 (BTC price support congestions zone) while the next support is holding ground at $5,800 (support congestion area). Importantly, the third support zone for the pair is resting at $5,750 (support congestion zone).

Bitcoin Key Technical Indicators

The MACD in the daily timeframe displays an impressive uptrend, besides, it has stayed in the positive region since the beginning of April. However, attention is key as the structure is divergent with the price.

RSI daily chart is also trending north above a trendline that has been connecting the lowest points of the indicator since November last year. We can expect a stronger bullish trend as we grind closer to $8,000.

100 SMA daily chart is below the price and playing catchup in support of the bullish trend.

Summary
Bitcoin [BTC] Weekly Forecast: Heads for $8,000 but up and Downs are Inevitable
Article Name
Bitcoin [BTC] Weekly Forecast: Heads for $8,000 but up and Downs are Inevitable
Description
Bitcoin prevailing technical levels are impressive. Investors can expect a stronger bullish trend as we grind closer to $8,000.
Author
Publisher Name
Coingape
Publisher Logo
Show Comments
John Isige 62 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read content. His main focus is on cryptocurrency price analysis and industry news coverage.