Bitcoin
BTC$29 026.69

-4.42%

Ethereum
ETH$1 937.28

-6.12%

Tether
USDT$0.998967

-0.02%

USD Coin
USDC$0.999907

-0.01%

Binance Coin
BNB$316.87

-4.45%

XRP
XRP$0.396164

-6.73%

Bitcoin price will see breakout "during this week" says trader with $38K target


12 Jul 2021

#Bitcoin

Michaël van de Poppe believes that upside is in store for BTC/USD in the coming days despite nervousness about Grayscale. Bitcoin (BTC) closed beneath a key moving average for the eighth week in a row this weekend, but one analyst is betting on an imminent breakout.

Bitcoin balances breakout with Grayscale worries

Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin as it reversed weekend gains on Monday after a disappointing weekly close. The largest cryptocurrency had maintained its familiar trading range with $33,000 as support through Saturday and Sunday, but the new week dampened momentum. For popular trader and analyst Rekt Capital, unless progress can be made, Bitcoin bulls may not have long to last before fresh losses hit.

“The blue 50-week EMA is still holding as support,” he summarized in a series of tweets. “If this HL isn’t reclaimed as support soon, the sell-side pressure on the 50 WEMA may be too much for $BTC to hold here.”

Others were more upbeat. In his latest video update, fellow trader Michaël van de Poppe went as far as to call a BTC price breakout within days.

“I believe that Bitcoin is going to make a breakout to the upside,” he forecast. “I would not be surprised if Bitcoin is going to trade around $38,000 during the days of this week.”

A look at buy and sell levels at major exchange Binance showed resistance forming at $35,000, with $30,000 remaining in place as overall support.

Altcoins lurk ahead of market decision

Van de Poppe added that this movement might be good for altcoins, which could start capitalizing on bullish sentiment. He had previously argued that altcoins would outperform the speed of Bitcoin’s gains in the coming months.

“I think the altcoins are close to a bottom too,” he said on Friday. 

Most altcoins saw flat performance on the day, little changed over the past 24 hours. With little by way of strong sentiment in either direction, as Cointelegraph reported, concerns remain that external factors may unduly influence price action across cryptocurrencies. This comes in the form of the Grayscale unlocking series, which involves around 42,000 BTC over the month of July.


Related

Bitcoin’s tedious walk around $30K
Bitcoin’s tedious walk around $30K
Is Bitcoin leading or following global demand for risk?
Is Bitcoin leading or following global demand for risk?
The price of bitcoin slid last week after a wider stock sell-off in the US
The price of bitcoin slid last week after a wider stock sell-off in the US
Bitcoin’s short-term upward channel
Bitcoin’s short-term upward channel
Has Bitcoin reached the bottom?
Has Bitcoin reached the bottom?
Bitcoin's Price Plunges Below $34,000
Bitcoin's Price Plunges Below $34,000
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin will fall until the bulls capitulate
Bitcoin will fall until the bulls capitulate
The culmination of the battle for the trend in Bitcoin
The culmination of the battle for the trend in Bitcoin

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60.8% 87 $29 026.69 -4.42% -5.04% $552 906 627 522 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 58% 88 $1 937.28 -6.12% -7.98% $234 226 519 038 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $0.998967 -0.02% -0.01% $73 199 396 215 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $0.999907 -0.01% -0.04% $53 242 190 820 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 56% 88 $316.87 -4.45% 2.34% $51 737 352 920 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 55.6% 91 $0.396164 -6.73% -9.19% $19 151 785 863 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.001213 -0.06% 0.03% $18 345 928 270 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 55.6% 93 $0.501328 -8.89% -15.54% $16 914 304 225 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 55.2% 91 $48.29 -9.89% -16.16% $16 382 473 495 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 60.4% 90 $0.082023 -5.80% -9.46% $10 882 008 070 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 55.2% 90 $9.64 -7.86% -13.74% $9 517 930 235 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 57.6% 87 $29 006.19 -4.56% -5.22% $8 023 196 814 WBTC 7 days price change
13 TRON (TRX) TRX TRON predictions 71.2% 56 $0.079889 3.81% 11.84% $7 561 310 650 TRX 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 55.6% 93 $27.32 -14.53% -22.61% $7 358 131 714 AVAX 7 days price change
15 Dai (DAI) DAI Dai predictions 91.2% 1 $0.998284 -0.25% -0.21% $6 559 715 235 DAI 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.