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Bitcoin Price Prediction: BTC/USD May Consolidate Above $13,000 Or Risk Plunging to $12,300

Bitcoin (BTC) Price Prediction – October 23

The Bitcoin price has been able to post consistent gains as of late, but now facing down following its slight rejection at $13,200.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $13,800, $14,000, $14,200

Support Levels: $12,000, $11,800, $11,600

BTCUSD – Daily Chart

A couple of days ago, BTC/USD blasted over $1,000 to a high of $13,200 and has reignited interest in the crypto market once again in a major way. Meanwhile, a new 2020 high has been set on the BTC/USD pair, but a higher peak over the 2019 top has yet to be reached. However, the leading cryptocurrency by market cap has just set a new all-time high – a stage where it has not reached since the beginning of the year.

What to Expect from Bitcoin (BTC)

In the early Asian session, the Bitcoin price faces a strong rejection after touching the daily high of $13,037, resulting in a sharp decline towards $12,700 again. At the time of writing, BTC/USD is trading down marginally at its current price of $12,956. The recent bearish movement has not been enough to push Bitcoin below the crucial level of $12,700. Nevertheless, the support level of $12,500 could be the next logical target if this continues to hold strong.

However, the entire market trends next may likely depend largely on the supports of$12,300, $12,100, and $11,900 respectively. Meanwhile, until buyers begin to regain some control, its technical outlook remains somewhat unclear and may slightly favor the bears. The resistance levels to watch are $13,800, $14,000, and $14,200 as the RSI (14) remains within the overbought zone.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

According to the 4-hour chart, after touching the $13,022 resistance level, the Bitcoin price dropped slightly to touch the low of $12,722 below the 9-day moving average. Meanwhile, should the price continue to drop further and move below the 21-day moving average, it could reach the support levels at $12,700 and below.

BTCUSD – 4 Hour Chart

However, if the bulls push the coin above the upper boundary of the channel, the Bitcoin price may likely reach the potential resistance level of $13,300and above. Presently, the market may either move sideways or experience downtrends as the RSI (14) indicator prepares to move out of the overbought zone.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.