Bitcoin trades above $8000 for the first time in the last two months. The following 24 July Bitcoin price prediction looks at what could happen next.
Since late May, Bitcoin has been below $8000. Earlier today, BTC gained significantly and broke above the $7800 level. There was an earlier technical divergence around the $7800 zone but the bullish momentum persisted and it seems we can now look at the possibility of an impulse wave rally which means Bitcoin could make even higher prices in the coming days. The chart below was used in the last update.
Price still looks bullish and set to break above $7800. But until that happens, the bearish correction is still a big possibility. At $7800, price is making a divergence pattern with the MACD histogram and signal line. This is a sign of reversal or side way move approaching. If price drops, we should expect it to be contained above $690 before the bullish move continues. Otherwise, a decline below $6800 would be seen and will get worse for the bulls.
24 July Bitcoin price prediction: what next?
The 3rd wave of an impulsive rally is ongoing with price breaking above the $7800 barrier. The next bullish target is $10000. After the current rally slows down, we will probably see another small dip or sideway move to complete wave 4 (circled) before the next bullish effort sends price to $10000 price level. Stay tuned for the next update.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
Don’t forget to share this analysis with people that matter to you.