Bitcoin Price Run Could End Soon, But Fans Remain Bullish

Bitcoin may have strong fundamentals, with institutional and retail investors backing it up. However, based on the DVAN Buying and Selling Pressure Gauge, the bull rally may be over.

DVAN (Divergence Analysis) Gauge is a technical indicator that overlays buying and selling trends. This indicator sees Bitcoin falling below the trendline, which highly suggests a strong sell pressure. In the daily chart, Bitcoin continues to struggle breaking the $10,000 resistance level but there is strong support in the $9,500 level. The same is true in the 4-hour chart, with the MACD about to turn bearish as well. Bloomberg writes that any drop from $10,000 will likely test $9,500 first.

The new report from the financial publication is likely a short-term forecast for the world’s first cryptocurrency. This is because Bloomberg also published early this month an extensive research on Bitcoin’s fundamentals and long term price forecast. The “Bloomberg Crypto Outlook” indicated that Bitcoin will retest its all-time high of $20,000 in 2020.

While bullish predictions run aplenty, one quantum model analysis is incredibly bearish. The Fermions Flow (FF) Whale Model uses quantum modeling to predict the price of Bitcoin retreating to as low as $2,000 in 2021 before a proper bull run by 2022.

BTC YTD Gains and Gains since March 12 by vmislos on TradingView.com

Crypto markets are in the red after June 8. Bitcoin retreats slightly to $9,722 (-0.35%) and this trend is followed by large caps like Ethereum ($244.32/-0.11%) and Bitcoin Cash ($254.03/-0.14%). Only XRP had a slight increase from the previous day ($0.203/+0.29%). Still, there are coins that recorded gains. VeChain ($0.007) recorded a 5.61% increase while Chainlink ($4.45) printed an increase of 2.6%. Blockfyre Founder and crypto analyst Simon Dedic identified those two coins to join Bitcoin, Binance Coin, Tezos, and Ethereum in the next bull rally.

Bitcoin’s year-to-date gain stands at 33% and its gains since the March 12 crash has been an incredible 151%. The monthly candle has also turned green, breaking the descending trendline that began to form in June 2019.

The world’s first cryptocurrency benefited from strong institutional buying pressure and the current COVID-19 pandemic. These factors are accelerating the maturity of Bitcoin when benchmarked against the global stock markets. The bullish and bearish predictions by analysts will soon be tested as Bitcoin looks poised to exit the sideways range, exhausting either the bulls or the bears.