The price of Bitcoin did not see any overall gains over the past week as the leading cryptocurrency continued to undergo a market correction. Despite multiple upward moves, Bitcoin struggled to clear the $100,000 resistance level as its price performance in December continued to deviate from previous bullish expectations. Amid this development, market analysts continue to make predictions about Bitcoin’s potential price movement.
Is Bitcoin price higher?
in Share X On December 27, cryptocurrency technical analysis section More Crypto Online shared an interesting prediction regarding Bitcoin in its current corrective state. Using Elliott Wave Theory, market analysts have formulated two opposing predictions for the BTC market called yellow and white scenarios.
For context, Elliott Wave Theory is a form of technical analysis that is based on the belief that the financial market moves in recurring fractal patterns called waves that can be used to predict future price movements. With Bitcoin currently in a corrective structure, i.e. moving against an upward market trend, the white scenario indicates that Bitcoin has completed wave B as it recorded a local high on December 26.
Currently, the major cryptocurrency is moving in a wave C heading towards a potential price target in the mid-to-low price area of $80,000. The original support area to counter this bearish move is around $95,068 – $96,670. However, when Bitcoin makes new lows, these resistance areas will be recalibrated.
On the other hand, the yellow scenario shows that wave B, which was completed in the white scenario, is still developing as part of a larger corrective structure with a price top not yet recorded. However, for this yellow scenario to become valid, Bitcoin needs to cross the $96,673 level, which indicates that the upward movement is still ongoing. Therefore, as long as this price zone remains uninterrupted, the white scenario remains the prevailing outlook for the Bitcoin market.
Bitcoin price overview
At the time of writing, Bitcoin is trading at $94,790, representing a 1.04% decline over the past 24 hours. Meanwhile, daily trading volume rose 10.35% to $52.24 billion. After a week of near-balanced gains and losses, the leading cryptocurrency fell 2.00%, with its monthly performance also sliding into negative territory.
For the market bulls, a move above $96,600 remains the immediate task based on Elliott Wave Theory, however, major opposition awaits at $100,000 which has proven to be an effective resistance as of late. Overall, optimism remains high in the Bitcoin market, especially with the inauguration of US President-elect Donald Trump approaching which is expected to herald a new era of pro-crypto policies.
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