bitcoin price did not see any overall gains over the past week as the leading cryptocurrency continued to suffer a market correction. Despite multiple bullish moves, bitcoin struggled to overcome the $100,000 resistance and its price action in December continued to deviate from previous bullish predictions. Amid this development, market analysts continue to release projections on the possible price movement of bitcoin.
Is bitcoin price at the top?
In <a target="_blank" href="https://x.com/Morecryptoonl/status/1872684399558312160″ target=”_blank”>a post On December 27, head of crypto technical analysis More crypto Online shared an interesting prediction about bitcoin in its current corrective state. Using Elliott wave theory, these market analysts have drafted two opposing forecasts on the btc market called the yellow and white scenarios.
In context, Elliott wave theory is a form of technical analysis that is based on the belief 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, i.e. moving against the market's uptrend, the white scenario indicates that bitcoin has completed a wave B in which it recorded a local high price on December 26.
Currently, the leading cryptocurrency is moving in a wave C targeting a potential price target in the mid-to-low $80,000 price zone. The original support zone to counter this bearish move is around $95,068 – $96,670. However, as bitcoin establishes new lows, these resistance regions will recalibrate.
On the other hand, the yellow scenario shows that wave B, which concludes in the white scenario, is still developing as part of a broader corrective structure without a price high yet. However, for this yellow scenario to be valid, btc must break above $96,673, indicating that an upward move is still underway. Therefore, as long as this price zone remains intact, the white scenario will remain the dominant outlook for the bitcoin market.
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btc Price Overview
At the time of writing, bitcoin is trading at $94,790, down 1.04% in the last 24 hours. Meanwhile, the daily trading volume has increased by 10.35%, reaching $52.24 billion. After a week of nearly balanced gains and losses, the leading cryptocurrency has fallen 2.00%, and its monthly performance has also fallen into negative territory.
For market bulls, breaking above $96,600 remains the immediate task according to Elliott Wave Theory; However, significant opposition awaits them at $100,000, which has proven to be an effective resistance in recent times. Overall, optimism remains high in the bitcoin market, especially with US President-elect Donald Trump's inauguration fast approaching, which is expected to herald a new era of pro-crypto policies.
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