Bitcoin Price prediction: BTC/USD Spike Above $8,000 Could Test $9,000 Before may Halving


Bitcoin Futures Open Interest OKEx BitMex
Image Courtesy of Flickr

Bitcoin Price prediction: BTC/USD Spike Above $8,000 Could Test $9,000 Before may Halving

  • Bitcoin price extends the bullish action towards $8,000 but hits a wall at $7,800.
  • BTC/USD to confirm the pre-halving rally to $9,000 with a breakout above $8,000.

Bitcoin price has been steady in its recovery in the recent days following a key breakout into the $7,000 range last week. The just concluded weekend session was relatively bullish. However, the market remained stable until another brief rally during the Asian session on Monday. BTC/USD has tested the resistance at $7,800 and achieved an intraday high at $7,805. Meanwhile, there has been an adjustment from the intraday high to the current market value of $7,760.

Consequently, Bitcoin price is trading within an ascending channel started following the dip to $3,800 in March. The price is also exchanging hands above the 50-day SMA; a key bullish indicator, setting the framework for further gains above past $8,000.

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

From a technical perspective, Bitcoin is poised for more bullish action in the current session and as well as the coming sessions on Monday. The RSI, for instance, is moving north after rising from the fall to 16 on March 12. As the gradual upward slope moves closer to the overbought region, more and more buyers continue to join the market to take advantage of the up-trending market.

The best confirmation for a pre-halving rally will be the spike above $8,000. Moreover, as investors take positions in readiness for an anticipated post-halving rally, Bitcoin is expected to launch into a trajectory to $9,000. In the case of a reversal from the current levels, Bitcoin is could seek support at the 50% Fibo taken between the last swing high of $10,540 to a swing low of 3,856. Other support areas include $7,000, $6,800 the 38.2% Fibo and $6,000.

Bitcoin Intraday Key Levels

Spot rate: $7,751

Relative change: 37

Percentage change: 0.48%

Trend: Bearish

Volatility: Expanding

Author: John Isige
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 the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Post your comment...
John Isige 671 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 the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Follow John @