Bitcoin Price Prediction: Could BTC/USD Keep Rallying Higher? Can $8,000 Possibly be the Next Target?Author: Azeez MustaphaLast Updated: 23 December 2019 Bitcoin (BTC) Price Prediction – December 23In the past five days, BTC/USD has shown a growth of over 18% ranging to $7,676.57 from $6,445.34.BTC/USD Long-term Trend: Bearish (Daily Chart)Key levels:Resistance Levels: $8,100, $8,300, $8,500Support Levels: $6,800, $6, 600, $6,400BTCUSD – Daily ChartBTC/USD has once again made an impressive move to the upside during the early trading session today but the coin is currently trading below $7,500 after touching the key resistance at $7,676.57. The bulls are now expecting the price to rally higher but the outlook still remains bearish. In order for things to change in the near-term, traders would need to see BTC/USD make a higher high and a higher low to invalidate the current downtrend that is still intact.More so, if the price ends up doing that, the market would have reason to be bullish not just till $8,000 but even beyond that to $9,000 or higher. However, it is important to note that the potential move to the upside has to be a sustained rally rather than a pump otherwise it would be of little consequence. Despite the recent bullishness in the market, we are yet to see the on-going correction come to completion, whereas, Bitcoin (BTC) bulls are still too optimistic.Nevertheless, if Bitcoin bulls hold the price to remain above the 9-day and 21-day moving averages; the price could rise above the channel and move to $7,800 vital resistance. A further high drive could send the coin to $8,100, $8,300 and $8,500 resistance levels. Meanwhile, the stochastic RSI is within the overbought zone revealing a sign of trend reversal, which shows a possible bearish momentum, the support levels to watch are $6,800, $6,600 and $6,400 respectively.BTC/USD Medium – Term Trend: Bullish (4H Chart)BTC/USD is seen performing well at present. With this, we expect the coin to gain the lost momentum and hit the trade above $7,700. However, the volatility hovers and the selling pressure still exists which leads the coin to lose the major support from the moving averages. Meanwhile, the $7,000 and below may come into play if BTC breaks below $7,200 support level.BTCUSD – 4 Hour ChartHowever, in as much as the buyers can reinforce and power the market, traders can expect a retest at $7,600 resistance level and breaking this level may further allow the bulls to reach $7,700 and above. The stochastic RSI is nose-diving toward the 50-level which shows that more bearish signals may surface.Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.