• BTC/USD is range-bound above $7,000, the long-term trend remains bullish.
  • Bobbly Lee says that BItcoin may return to the area above $10,000 in May.

BTC/USD hit the intraday high at $7,374 and retreated to $7,270 by press time. The first digital coin has been consolidating gains in a tight range after it had broken above $7,000.  Despite that the upside momentum faded away on approach to $7,500 on Wednesday, BTC/USD is still well-positioned to continue the long-term recovery.

Bobby Lee expects Bitcoin growth to a new all-time high in 2020

The first cryptocurrency is the best investment vehicle among a wide range of digital assets, according to the Board Member of Bitcoin Foundation, Bobby Lee. Speaking in the interview with the crypto media outlet Cointelegraph, Lee said that Bitcoin may hit $10,000 in May and set a new record high by the end of 2020.

The fact that this is the first block halving after Bitcoin became a mainstream investment option for many people further increases Bitcoin's potential upward price movement compared with 2016.

He also added that a steady flow of institutional investors will also support the price increase ahead of the third Bitcoin's halving. 

Notably, FXStreet earlier reported that according to Coin Metrics, the number of retail investors in Bitcoin increased significantly since the recent price collapse. 

BTC/USD: Technical picture

On a daily chart, BTC/USD is effectively capped by SMA50 located on the approach to $7,400. Once it is cleared, the recovery may be extended towards the next technical barrier of $7,500 and, eventually, to $8,000. This psychological barrier is reinforced by daily SMA200 and followed by daily SMA100 (currently at $8,150). A sustainable move above the resistance area $8,000-$8,150 will improve the long-term technical picture and open up the way to weekly SMA50 at $8,700 and 38.2% Fibo retracement at $9,300.

BTC/USD daily chart

On the intraday level, BTC/USD is hovering around 1-hour SMA50 (currently at $7,300). A sustainable move below this area will increase the short-term selling pressure and bring $7,100-$7,000 into focus. As this area contains 1-hour SMA100, it may limit the downside correction and serve as a jumping-off ground for the next bullish wave. However, if it is broken, the sell-off will be extended towards $6,600-$6,700 area that stopped the decline on April 2-3.

BTC/USD 1-hour chart


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?  

More Litecoin News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.

More Bitcoin News
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.

More Cryptocurrencies News
Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.

More Bitcoin News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP