Bitcoin, the leading cryptocurrency, has been experiencing a market downturn for the past week, and its price has not recovered. Despite several price increases, Bitcoin was unable to overcome the $100,000 barrier, and its performance in December kept falling short of prior bullish forecasts. In the midst of all this, market gurus keep predicting where Bitcoin’s price could go.
Bitcoin Price Top In?
While Bitcoin is undergoing its current correction phase, the crypto technical analyst account More Crypto Online made an intriguing prediction in an X post from December 27. Two competing scenarios, the yellow and the white, have been developed by these market analysts using Elliott Wave Theory to predict the Bitcoin market.
Just so you know, Elliott Wave Theory is a technical analysis method that relies on the idea that the financial market follows regular, repeating patterns called waves. These patterns can help you predict how the price will go in the future. According to the white scenario, Bitcoin has finished a B-wave and reached a local price peak on December 26th. It is currently in a corrective structure, meaning it is moving against the bullish market trend.
Bitcoin Price C-Wave and Key Support
As of right now, the leading cryptocurrency is riding a C-wave that might take it to a price objective of around $80,000. The initial support area to offset this downward trend is approximately $95,068 – $96,670. Nevertheless, these resistance zones will be adjusted as Bitcoin reaches new lows.
However, according to the yellow scenario, there has been no price peak yet, and the B-wave, which is finished in the white scenario, is still part of a bigger corrective structure. However, this yellow scenario can only be confirmed if Bitcoin breaks above $96,673, indicating that the rising trend is still running strong. Consequently, the white scenario will continue to dominate Bitcoin market forecasts so long as this price zone is intact.
BTC Price Overview
Bitcoin has fallen 1.04% in the last 24 hours, and it is now trading at $94,790. Meanwhile, $52.24 billion is the new daily trading volume, an increase of 10.35%. The leading cryptocurrency has fallen 2.00% after a week of almost equal gains and losses, and its monthly performance has also gone negative.
Following the Elliott Wave theory. The next objective for market bulls is to break above $96,600. However, there is significant resistance at $100,000, which has been effective lately. The Bitcoin market is generally optimistic. This is particularly true in light of the fact that US President-elect. Donald Trump’s inauguration is rapidly approaching, which is thought to signal the beginning of a new age of crypto-friendly laws.
Summary
Bitcoin has been sliding, failing to reach $100,000 and missing bullish estimates. One Elliott Wave Theory scenario suggests Bitcoin has reached. A price high and is in a corrective phase. In contrast, another predicts no top and a continuous rise if Bitcoin hits $96,673. Bitcoin is in a C-wave with a $80,000 goal and $95,068–$96,670 support. Despite its recent dip, sentiment is positive, especially with Trump’s inauguration and crypto-friendly regulations.
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