Bitcoin Sees 23.04% Increase at $20K, Going for a Bull Run?

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Bitcoin Sees 23.04% Increase at $20K, Going for a Bull Run?
  • BTC price prediction ranges from $21000 to $19,500.
  • The coin’s price dropped by 1.24% within 24 hours.
  • BTC’s bearish market price prediction is $19,000.

In contrast to the previous days’ bearish trend in the crypto market, BTC bulls have accelerated their rally in recent hours. The bulls are pulling the price up, and BTC is now hovering at $20,518.47 with a 24-hour increase of 6.45%.

BTC/USDT 1-Hour Chart (Source: TradingView)

The RSI of BTC in the 1-hour chart of BTC/USDT is currently 89.86. RSI value above 80 indicates that the crypto king is overbought and the bears will soon gain power, forcing the price into a downtrend. If the price cannot close above the $20,000 level, this might trigger another drop in the near future.

BTC/USDT 1-Hour Chart (Source: TradingView)

Breaking out from the descending channel, there has been a $1,398.31 difference in the price of BTC within the past 4 hours. BTC is now slowly approaching its previous resistance level at $23,000. Moving above the $22,000 price level can also help the BTC price to rally to $24,000.

Bitcoin is currently in a bull rally, crossed over the 200 MA, and now trading above the 200 MA. However, it’s also possible that the coin’s price might drop below $18,000 if its selling pressure regains strength. As the cryptocurrency market undergoes frequent changes, September remains a volatile month for investors.

According to CoinMarketCap, Bitcoin is currently trading at $20,642.88, with 19,145,287 BTC in circulation. BTC has a 24-hour trading volume of $38,629,711,363.06. During 24 hours, BTC is showing an increase of 6.45%.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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