- Bitcoin price prediction expects BTC price to settle to $25,000 by weekend
- BTC dominance almost 70 percent
- Correction overdue and prompts some bearish movement in BTC price
- Volatility remains stable below 75 HV
- Despite correction overdue – BTC price pumps remain unpredictable
We saw a lot more than just $20,000 for Christmas as we all witnessed BTC price smash through the $28,000 mark on route to $30,000. Despite the correction being overdue, Bitcoin has set a new precedent in crypto history.
To consider that BTC price was once below $1 can stifle the most robust of thinkers, but today BTC price rests just over $26,000 as a correction lurks on the horizon.
At the time of writing, BTC price is currently $26,612 – down just over one percent on the opening price of the day.
Use the oscillator below to check what role BTC might play in your portfolio.Technical Analysis for BTCUSD by TradingView
Bitcoin price prediction: 1-Day chart overview
The 1-Day chart overview depicts Bitcoin’s constantly eventful journey well beyond $20k into the New Year ahead.
Volume levels remain mainly bullish while the Historical Volatility (HV) indicator suggests very little resistance set ahead. In general, a high volatility is suggestive of ‘swimming upstream’ but Bitcoin displays no such trait thus far.
The Relative Strength Index (RSI) is above the <70 boundary and suggests that BTC is currently overbought. This usually results in a steady fall in cryptocurrency price, but BTC has continued ever-upward as we reach the cusp of 2021.
Bitcoin price prediction: 1-Week chart overview
The 1-Week chart overview depicts a slightly different story.
While the HV remains low and the RSI remains sky-high, the weekly chart shows a huge bullish movement set across multiple months – remaining bullish still now into 2021.
The RSI is highly suggestive of a big correction in the works to ensure BTC price can see a consistent journey upwards beyond the $30,000 mark.
As Bitcoin sets history, it is hard to determine whether prices will correct back to $25,000 or even further below.
Bitcoin price prediction: volatility chart overview
Observing the BTC volatility chart it is clear to see a steady increase in volatility toward 2021, but not remotely as high as the correction seen in March 2020.
If this pattern of volatility continues to climb ever-higher, the suggestion of a strong price correction becomes progressively apparent. If a correction does occur, we will see a large spike in the BTC volatility chart, swiftly followed by a steep drop as it recovers.
Bitcoin price prediction conclusion: correction incoming
This Bitcoin price prediction‘s conclusion is that BTC price will begin correction by the weekend and see the $25,000 mark once again.
If this ascending channel in the graph above is indicative of the price pattern ahead, BTC price should return within it’s boundaries towards $25,000 as it begins a healthy market price correction.
If it does not follow this channel and proceed ever-upwards, we might see BTC surpass $28,000 once again, but the correction following will certainly be steep. It would seem that retail bulls have maintained BTC price heavily through this Christmas period, but it cannot continue forever.
The correction will come eventually. The question is – how steep will the correction be?
As always, trade safely, carefully, and only trade what you can afford to lose