What is Bitcoin’s Next Target - $18,000 or $20,000?

The miracle did not happen this time either. Though the Bulls tried several times to resist the bears last week, Bitcoin price and the crypto market have been feeling the pinch as investors shun risky assets. In other words, there isn't just enough demand behind BTC for a rally despite analysts calling a floor price around $18,000.

 

It is possible that bitcoin will update the annual low due to compression and the accumulation of a huge amount of liquidity under a key level. 

 

However, MicroStrategy founder Michael Saylor predicted that Bitcoin prices would rise above an all-time high of $69,000 in the next four years. He is confident that bitcoin has bottomed out in the current bearish cycle and expects it to rise to $500,000 in the next decade.

 

Saylor said he personally owns 17,732 BTC, which he purchased for about $9,500 about two years ago. So, the total amount of his investments in the first cryptocurrency exceeded $165 million.

He also stated that Bitcoin has a high chance of replacing gold as a store of value asset due to the impossibility of its control by governments.

 

As for the technical forecast for the coming week, despite the likelihood of the continuation of the bearish trend on a "global" scale, BTC price rebounce is possible on lower time frames.


So, the weekly chart, as we have already noticed, shows that the price has reached the indicators of the month of July and lies directly at the support level. Nevertheless, the volatility has not increased in recent weeks, and by the end of this week, the price still bounced back somewhat, which means that the level for the bears turned out to be quite strong. Although, it is clear that attempts to break through the $18,000 zone will resume soon.

 bd.png

 

Now let's move on to the daily price chart. And here, despite the seemingly sad picture for Bulls, we see a small indicator in their favor. This is a Bullish divergence formed between the price chart and the RSI and MACD indicators. Of course, this hardly means that further decline will not follow. But in the coming days, we can see the price rebound upwards.

bw.png


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