The price of Bitcoin did not see an overall gain over the past week as the major digital currency was still going through a market correction. Despite multiple upward trends, Bitcoin it was difficult to overcome the $100,000 face with price performance in December continuing to move from earlier bullish forecast. In the midst of this development, market analysts continue to release forecasts on Bitcoin price movements.
Is the price of Bitcoin at an all-time high?
In the x post on December 27, crypto technical analysis handle More Crypto Online shared an interesting prediction on Bitcoin in its current correction position. Using the Elliott Wave Theory, these market analysts have drafted two opposing forecasts on the BTC market known as the yellow and white scenarios.
For context, the Elliott Wave Theory is a type of technical analysis that relies on the idea that the financial market moves in repeating fractal patterns called waves that can be used to predict future price movements. With Bitcoin currently in a corrective structure ie moving against a bullish market trend, the white position says that Bitcoin has completed wave B in which it recorded a local price top on December 26.
Currently, the major digital currency is moving in wave C heading towards a potential price target in the mid to low price range of $80,000. The initial support area to counter this bearish trend is around $95,068 – $96,670. However, as Bitcoin establishes low levels, these defensive sectors will be rebalanced.
On the other hand, the yellow position shows that the B wave, which is concluded in the white position, is still developing as part of a larger corrective structure without a price ceiling yet recorded . However, for this yellow position to be valid, BTC must break above $96,673 indicating that an uptrend is still underway. Therefore, as long as this price range remains unbroken, the white position is the main view for the Bitcoin market.
BTC price overview
At the time of writing, Bitcoin is trading at $94,790, marking a decline of 1.04% over the past 24 hours. At the same time, the daily trading volume has increased by 10.35%, reaching $52.24 billion. After a week of almost balanced gains and losses, the main cryptocurrency has fallen 2.00%, with its monthly performance also entering negative territory.
For market bulls, a move above $96,600 is still an immediate action based on Elliott Wave theory, however, a major opponent is waiting for $100,000 which has been an effective resistance recently. In general, optimism is still high in the Bitcoin market, especially when the election of the US President, Donald Trump, is approaching, and it is expected that he will appear in a new era of pro-policies crypto.
