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Price Analysis

Bitcoin (BTC) Follows Bearish Path Below the Support of $8100

BTC started the year at $3900 and now struggles to stay above $8000

Bitcoin has been performing well since the beginning of the year and this proved to be one of the highest profits generating years for its traders and investors. BTC price moved as high as $13,129 this year, and it can be expected that the coin may cross this value again soon. Hence, investments done right now will be highly profitable.

Bitcoin Price Prediction

As of October 6, 2019, at 02:38:59 UTC, the price of Bitcoin is recorded to be $8070.32. If we look at the price movement of BTC since the beginning of the year, it has registered a growth of over 103% in the past 9 months. Bitcoin started the year trading at $3972.37 and reached to $12,999.03 before starting the downward journey. In the last 90-days, the highest recorded price of BTC was $13,129 and the coin is capable of moving past this value in the upcoming months.

Bitcoin
Bitcoin Price Chart by TradingView

As per the current trend, the Bitcoin price must cross its crucial resistance level $8200 to move past $10,000 in the upcoming months. If we look at the above YTD chart, it is clearly seen that Bitcoin price is currently trading under bear pressure and it has crossed yesterday’s crucial support level of $8096. So as of now, there is a risk of price drop further. Hence, traders should plan long-term investment and start stacking up for future benefits as the coin is trading in the lower range.

Resistance & Support Levels:

R1: $8220.99, R2: $8290.47 and R3: $8365.42

S1: $8076.55, S2: $8001.61 and S3: $7932.13

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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