Bitcoin Price Outlook: Bitcoin settles as high as $10,000 with further upside expected

Mohammed Abdelkhalik
September 17, 2020

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Bitcoin Outlook: 18th September 2020

Bitcoin rose above the $11,000 resistance level during yesterday’s trading, but corrections and profit-taking dominated it to turn down once again and settle above the $10800 level at the present time, and prices are likely to remain supported near this level, so experts’ expectations indicate For the currency to resume its bullish movement in the near term.

However, after Bitcoin breached the $10,500 price, a level that was strong resistance, investor sentiment is mixed, some traders believe that the currency will face rejection at $11,000, and some expect a continued rise beyond the $11,000 level due to optimistic technical indicators.

During last week’s trading, Bitcoin traded in a narrow range, which followed its decline by 19% since the beginning of September.


Bitcoin Price - 17th September 2020

But the cryptocurrency market was able to recover from the last blow it took during the past week, as it halted the widespread selling that led to Bitcoin losing about $2,000 of its value, reaching below $10,000 for a short period, to bounce back above the price of $10,000 to continue its upward momentum.

Since the end of May, the Bitcoin dominance index has decreased by 12%, but the total value of the cryptocurrencies market has increased by $78 B during the same time and despite the decline of Bitcoin from 12 thousand dollars to 10 thousand dollars.

Bitcoin is showing some noticeable signs of strength in the wake of the bout of weakness seen in the past two weeks, reflecting that investors still view it as the most reliable and secure digital asset during times of uncertainty in the emerging market.

Despite this, investors still fear a further decline in the cryptocurrency market, as crypto experts believe that Bitcoin can drop to less than $ 9,000, especially with the positive news of a vaccine for the Coronavirus.

Bitcoin performance

Throughout most of 2020, Bitcoin and altcoins have been rising together, but during yesterday’s trading the leading cryptocurrency outperformed the alternatives, but although Bitcoin is currently looking to the upside, rising by more than $1000 from its lows at less than $10,000.

The latest data reported that the volume of cryptocurrency derivatives rose 54% in August to more than $700 billion, a historic high, and Africa shows a significant growth in demand for cryptocurrencies as expected.

Over the next few years we will see how emerging economies will become engines of cryptocurrency development, given that the regulators in these countries are often a far cry from the speed and experience as in developed countries, and with a large number of young investors becoming more familiar with With technology, we can expect the encryption drive to develop from these regions of the world.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.