The market cap of the most popular cryptocurrency, Bitcoin, has been declining for the last seven days, and the price has yet to resume its upward trajectory. Despite multiple price gains, Bitcoin failed to break $100,000, and its December performance consistently lagged below previous bullish predictions. Meanwhile, experts in the field of financial markets continue to speculate on the future of Bitcoin’s value.
Bitcoin Price About to Reach a Peak?
The crypto technical analyst account More Crypto Online made an unexpected prediction in an X post dated December 27 while Bitcoin is suffering its current correction phase. These market watchers have used Elliott Wave Theory to foretell two possible outcomes for the Bitcoin market: the yellow and the white versions.
The premise of Elliott Wave Theory, a technique for technical analysis, is that the market for financial instruments exhibits periodic, cyclical patterns known as waves. You can use these patterns to help you forecast the future price. The white scenario states that Bitcoin executed a B-wave and established a local price peak on December 26. Right now, it’s contradictory to the market’s positive trend because it’s in a corrective structure.
C-Wave for Bitcoin Prices
At the moment, the most popular cryptocurrency is riding a C-wave that might lead to a price target of almost $80,000. Nearby, $95,068 to $96,670 is the first support zone to counteract this declining trend. Even Nevertheless, as Bitcoin hits fresh lows, these resistance zones will be altered.
There has been no price peak as of yet, according to the yellow scenario, and the B-wave, which is concluded in the white scenario, is still part of a wider corrective structure, nevertheless. But this yellow scenario won’t be confirmed until Bitcoin pierces $96,673, showing that the upward trend is still very strong. Consequently, as long as this price zone remains intact, the white scenario will reign supreme in Bitcoin market forecasts.
Breakdown of Bitcoin Price
At its current price of $94,790, Bitcoin has experienced a decline of 1.04% during the past 24 hours. While everything was happening, the new daily trading volume was $52.24 billion, a rise of 10.35%. After a week of nearly equal gains and losses, the leading cryptocurrency has declined 2.00% and has fallen monthly as well.
In line with Elliott Wave theory. If the market can break above $96,600, then bulls will have accomplished their next goal. The $100,000 mark, however, has been effective as of late and is resistant to further increases. In general, the Bitcoin market seems upbeat. Given the impending inauguration of US President-elect Donald Trump, widely believed to herald a new era of crypto-friendly legislation, this is especially apparent.
Summary
Since its bullish predictions were missed, Bitcoin has been falling, failing to cross $100,000. Bitcoin may have reached, according to one Elliott Wave Theory scenario. With a price high, we are now entering a period of correction. Still, another one says that once Bitcoin reaches $96,673, there will be no bottom, and the price will continue to soar. There is a $80,000 target and support between $95,068 and $96,670 for Bitcoin’s current C-wave price. After Trump’s inauguration and crypto-friendly legislation, the mood has turned positive despite the recent decline.
