Bitcoin is Fighting to Reach $10,000 Again

Bitcoin (BTC/USD) is still in the battle trading in consolidation zone, as the pair continued to recover from its weakest print since March. On Monday, The Bitcoin prices is fluctuating between of $9078.9 to $9145.1. Despite the short trade, Bitcoin is expected to reach $10,000 in August, and once hit the $10,000 level it will continue to gain to the maximum target of 11,000 in September. The picture below shows the overview of Bitcoin since March and how its recover during the CONVID-19 pandemic. 

Pic.1 Bitcoin price in November 2019 - June 2020

From the technical analysis point of view, both RSI and MACD indicators illustrates the consolidation zone for Bitcoin, the oversold level was strong in mid of March. The overview picture of trading starting from the beginning of April that shows a clear bullish signal despite the short bearish trading. 

The forecast of Bitcoin price in July might be decrease to $7833 as a lowest point, $9705 as middle, and highest of $9705. The target of $10,000 is expected to happen in August. The table above shows the estimation price analyses, which expect the Bitcoin to decline about -4.0%, following the increasing of coronavirus disease new cases around the world. However, the bright picture of trading in August shows a gain expectation of 5% to the target the minimum level of $9070, and highest of $10618. In the long term trading Bitcoin is expected to reach the $11,000 target after one’s breakout happens. With a 5-year investment the Bitcoin is expected to be to gain +61.31% or $14,698.