Bitcoin Price Analysis: BTC/USD will retest $7,450 before another bullish attempt

Max Keiser believes that the current crisis will push Bitcoin to $400,000.
BTC/USD is locked in a tight range from the short-term perspective.

Tanya Abrosimova Independent Analyst

BTC/USD has barely changed in recent 24 hours. At the time of writing, the first digital coin is changing hands above $7,500, moving within a short-term bearish trend amid high volatility. Bitcoins'market value has settled at $139 billion, which is 63.7% from the total capitalization of all digital assets in circulation

Bitcoin at $400,000 is more real than ever

A popular trader, investor and journalist Max Keiser (@realmaxkeiser) reiterated its bullish forecast on Bitcoin. He believes that it is the only asset apart from Gold worth buying amid the economic and financial chaos caused by COVID-19 crisis.

In his recent tweet, he noted, that Gold price may reach $10,000 per ounce, while 1 BTC will cost no less than $400,000. The expert believes that the US FED will continue printing money non-stop in an attempt to avoid the economic collapse, while Saudi Arabia will continue pimping oil despite the recent agreement between major oil-producing countries.

These policies will eventually lead to USD collapse and exasperate the oil price war, while Bitcoin and Gold will serve as an ultimate store of value.

BTC/USD: Technical picture

On the intraday charts, BTC/USD is locked in a tight range, limited by $7,600 on the upside and $7,450 on the downside. The price has been oscillating inside this channel since the sharp upside move on April 23. A sustainable breakthrough in either direction is needed for the momentum to gain traction.

Considering that 1-hour RSI is showing the signs of the reversal, a retreat to the lower boundary of the above-said channel looks likely. The sell-off may slow down on approach to $7,450 as it is reinforced by 1-hour SMA50. However, once it is out of the way, $7,200 will come into focus (1-hour SMA100) followed by a psychological $7,000.

On the upside, a move above $7,600 will help to increase the bullish pressure and take the price towards the next resistance created by $7,765 (April 23 high), which separates BTC from $8,000.