Bitcoin Price Is Slightly Below $7,300 Today, BTC Looks for a Reason to Grow

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by Dmitriy Gurkovskiy · 2 min read
Bitcoin Price Is Slightly Below $7,300 Today, BTC Looks for a Reason to Grow
Photo: QuoteInspector

Today, on April 9th, BTC price started to grow again but now it is slightly falling. However, Bobby Lee believes that Bitcoin must renew its all-time peak by the end of this year and proceed to 25,000 USD.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Bitcoin is generally trading at around 7260 USD today. The sales of the last two days have been localized, and the market is clearly making its mind about the next step.

  • Tech analysis of Bitcoin price changes.
  • The BTC rate will rise to 25,000 USD. – Bobby Lee
  • Miners’ income has decreased by 25%.

On W1, the Bitcoin is developing correctional growth after a wave of declining. The downtrend, as well as the general market mood, remains bearish. The aim of the main trend is the fractal low of 3121.90 USD. The resistance level is 8500.00 USD. The declining dynamics of the MACD and Stochastic confirm further decrease.

bitcoin price apr 2020 D1

Photo: Roboforex / TradingView

On D1, the correctional uptrend has somewhat slowed down upon reaching 50.0% Fibo. The next aim of the growth is 61.8% (7985.00 USD). A breakaway of the current support level of 6965.00 USD will signal a decline to the low of 3925.70 USD; the MACD lines aimed downwards forecast further declining.

bitcoin price jun 2020 chart

Photo: Roboforex / TradingView

On H4, the ascending is presented in more detail, the quotations are moving along the support line. However, the Stochastic in the overbought area, preparing a Black Cross, looks alarming. This signal, combined with a breakaway of the support line, will mean the end of the correctional phase.

bitcoin price jun 2020 H4 chart

Photo: Roboforex / TradingView

According to the head of Bitcoin Foundation Bobby Lee, the BTC price must renew its all-time peak by the end of this year and proceed to 25,000 USD. As the key factor of the growth, Lee suggests the halving. This will be first such reaction on a decrease of the reward for mining.

Lee states that the halving will raise the BTC rate. Moreover, he does not exclude the possibility that the price of the leading cryptocurrency may rise thanks to an inflow of investors, disappointed by basic assets and seeing a potential of safety in cryptocurrencies.

In March, users mining cryptocurrencies earned 380.1 million USD on the BTC. This is 25% less than they managed to earn in February. The source mentioned that the coins mined could be sold right away, while their price formed based on the closing price of the daily candlestick.

In 2019, the overall miners’ profit was estimated at 5 billion USD. That year, the most successful month was July, when miners earned about 650 million USD.

Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Bitcoin News, Cryptocurrency news, Guest Posts, News
Dmitriy Gurkovskiy
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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