The price of Bitcoin has seen little overall gain in the past week as the cryptocurrency market undergoes a correction. Despite multiple upward movements, Bitcoin has struggled to break past the $100,000 resistance, deviating from earlier bullish predictions. Analysts are now rolling out projections on Bitcoin’s potential price move, with various scenarios being considered.
One interesting prediction comes from More Crypto Online, who used the Elliott Wave Theory to analyze Bitcoin’s corrective state. The theory suggests that financial markets move in repetitive patterns called waves, which can be used to predict future price movements. The white scenario suggests Bitcoin has reached a local price top on December 26th and is now in a C-wave headed towards the mid to low $80,000 price zone. The yellow scenario, on the other hand, indicates that the B-wave is still developing and there is no price top yet recorded.
Currently, Bitcoin is trading at $94,790, marking a 1.04% decline over the past 24 hours. Daily trading volume has risen by 10.35%, reaching $52.24 billion. Despite a week of near-balanced gains and losses, Bitcoin has dropped 2.00%, with its monthly performance also slipping into negative territory. Market bulls are looking to move above $96,600, with a major resistance level at $100,000.
Optimism remains high in the Bitcoin market, especially with the inauguration of US President-elect Donald Trump approaching, which is expected to bring in new pro-crypto policies. As Bitcoin continues to navigate through its corrective state, investors are keeping a close eye on key price levels to determine the cryptocurrency’s next move. It remains to be seen whether Bitcoin will break above $100,000 and continue its upward trajectory or if further correction is on the horizon.
In conclusion, Bitcoin’s price performance has been fluctuating in recent weeks as the cryptocurrency market undergoes a correction. Analysts are using technical analysis tools like the Elliott Wave Theory to predict future price movements, with different scenarios being considered. Despite challenges in breaking past $100,000, optimism remains high in the Bitcoin market. Investors are monitoring key price levels to gauge where Bitcoin may move next, especially with the upcoming inauguration of US President-elect Donald Trump. Only time will tell where Bitcoin’s price will go next, but for now, market participants are staying cautious and attentive to market trends.
