Bitcoin’s price has not increased over the last week, as it continues to experience a correction in the market. Bitcoin has not seen any significant gains despite multiple upswings. struggled to break past the $100,000 resistance With its performance continuing to deviate in December, earlier bullish predictions. Analysts continue to project Bitcoin’s future price movement despite this recent development.
Bitcoin: Is the price about to peak?
The following are some of the ways to get in touch with us an X post More Crypto Online’s crypto technical analysis handled shared a prediction regarding Bitcoin and its current state of correction on the 27th December. These market analysts used the Elliott Wave Theory to create two opposite forecasts for the BTC Market. They named them the Yellow and White scenarios.
To put it in context Elliott Wave Theory It is a type of technical analysis based on the idea that financial markets move in repetitive patterns known as waves, which can be used to forecast future price changes. Bitcoin, which is in an inverse structure (i.e. White scenario: Bitcoin is moving in the opposite direction of the bullish markets trend. It has finished a B-wave, where the local price peaked on 26th December.
The premier cryptocurrency currently moves in a C wave, heading towards a price target of mid-to low $80,000. The original support zone to counter this bearish movement is around $95,068 – $96,670. As Bitcoin reaches new lows these resistance zones will need to be recalibrated.
The white scenario concludes the B-wave. However, in the yellow scenario the B-wave is still ongoing as part of the larger corrective pattern. No price peak has yet been recorded. To make this yellow scenario valid, BTC will need to rise above $96,673 to signal that the upward trend is continuing. As long as the price range remains unchanged, the white scenario will remain dominant for Bitcoin.
BTC Price Overview
Bitcoin was trading at $94,790 as of the writing. This represents a decline of 1.04% over the last 24 hours. The daily volume of trading has increased by 10.35% and now stands at $52.24 Billion. Following a week with gains and losses that were nearly balanced, the top cryptocurrency dropped by 2.00%.
The bulls will have to get above $96,600 based on Elliott Waves theory. But, there is a significant resistance at $100,000, which has been a reliable barrier in recent years. In general, the Bitcoin market remains optimistic. This is especially true with Donald Trump, the US president-elect, set to take office soon, and his expected pro-crypto policy.
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Source: www.newsbtc.com
