The price of Bitcoin did not experience any gains last week as the top digital currency continued to undergo a market correction. Despite several bullish moves, Bitcoin It tried to break through the $100,000 resistance Its price performance in December continues to deviate Previous bullish forecasts. Amid this development, market analysts continue to predict the potential price movement of Bitcoin.
Is the price of Bitcoin at an all-time high?
in An X post On December 27, cryptocurrency technical analysis bureau More Crypto Online shared an interesting prediction about Bitcoin in its current correction state. Using the Elliott wave theory, these market analysts have presented two contrasting predictions about the Bitcoin market, called the yellow and white scenarios.
for context, Elliott wave theory A form of technical analysis that relies on the belief that the financial market moves in repeating fractal patterns called waves that can be used to predict future price changes. Given that Bitcoin is currently in a corrective structure, i.e. moving against the uptrend of the market, the white scenario states that Bitcoin has completed a wave B where on December 26th a local price has registered
Currently, the top cryptocurrency is in a wave C moving toward a potential price target in the mid-to-low $80,000 price zone. The primary support area to counter this bearish move is around $95,068 to $96,670. However, as Bitcoin makes new lows, these resistance areas are recalibrated.
On the other hand, the yellow scenario shows that wave B, which ends in the white scenario, is still developing as part of a larger corrective structure that has not yet registered a high price. However, for this yellow scenario to be valid, Bitcoin would need to break above $96,673, indicating that the bullish momentum is still on. Therefore, as long as this price zone remains unbroken, the white scenario remains the dominant outlook for the Bitcoin market.
Bitcoin price overview
At the time of writing, Bitcoin is trading at $94,790, down 1.04% in the last 24 hours. Meanwhile, the volume of daily transactions has increased by 10.35% to 52.24 billion dollars. After a week of roughly balanced gains and losses, the leading digital currency has fallen 2.00%, and its monthly performance has also slipped into negative territory.
For 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 proved effective resistance in recent times. Overall, optimism remains high in the Bitcoin market, especially as the inauguration of US President-elect Donald Trump approaches, which is expected to usher in a new era of pro-crypto policies.
