Bitcoin’s price has been on an upward trend for the last three weeks, ever since it reached a low of $74,000 locally in mid-April. The premier cryptocurrency has recently crossed $100,000 to reach a high of $104,300. NewThoughtCrypto’s market analysis X-platform has released a technical forecast on Bitcoin’s next moves.
Bitcoin Macro Outlook shows a charge to new ATH but a market correction is awaiting
It is a good idea to get in touch. X post On May 9, NewThoughtCrypto analysts provided macro and micro predictions of the Bitcoin Market using the Elliott Wave Theory. These pundits explained that the overall market forecast using a daily chart showed Bitcoin’s rise to $104,300 marked the peak of the fifth impulse wave, indicating the market was due for a corrective phase.
To put it in context Elliott wave theory According to this theory, prices follow two main patterns. The first is the impulse phase which represents market trends and is divided into five waves. (i-v) And the second, corrective phase which includes wave A, B, and C.
NewThoughtCrypto analyst explain that Bitcoin should experience a corrective market after it completes wave V. This correction is normally aimed at the Fibonacci level of between 0.5 – 0.618. The Fibonacci retracement levels can be used to predict the future of Bitcoin. $104,300 price level as a market top, the projected correction could draw prices to $86,000 – $89,000, a price range around the wave C in the corrective trend.
It is important to note that Bitcoin’s bullish trend could continue before correction ends, as the price would bounce back in sync with the wave B corrective phase. NewThoughtCrypto’s experts, however, expect the currency to undergo a correction of its own before it can relaunch the charge towards a higher all-time level.
Prior to Correction, Micro Forecasts Point to $106,000 as Target
NewThoughtCrypto’s analysts have a “micro view” of the Bitcoin Market using a 4-hour chart. They state Bitcoin has completed Waves I, II, III with Wave III exceeding market expectations.
Now, the flagship crypto awaits wave IV. This is always a wave of correction. With a wave III top at $104,300, the expected market correction would push the price to between $100,000 – $101,000. After that, prices will rise to $106,000 by the end of a wave five bullish trend.
Bitcoin was still at $102,810 as of press time after a slight increase (0.06%) in the previous day. The daily volume of trading is also down by 6.68 % and now stands at $62.23 billion.
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Source: www.newsbtc.com
