Bitcoin Next Move Hinges On Critical $96,600 Region – Here’s Why

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As a seasoned researcher with extensive experience in the crypto market, I find myself intrigued by the current state of Bitcoin. The Elliott Wave Theory, while not infallible, has proven to be a valuable tool in predicting market trends. The dual forecasts presented by More Crypto Online offer a fascinating insight into the potential future movements of BTC.

The white scenario suggests we’ve seen a local top and are currently in a corrective phase, with Bitcoin headed towards the mid to low $80,000 price zone. On the other hand, the yellow scenario hints that the correction may still be ongoing, with no price top recorded yet.

Given my past experiences with market corrections, I’m inclined to lean towards the white scenario for now. However, as we all know, the crypto market can be as unpredictable as a roller coaster ride at an amusement park – it’s always best to buckle up and enjoy the ride!

In terms of immediate tasks, moving above $96,600 is crucial based on the Elliott Wave theory. However, as we all know, a major opposition awaits at $100,000 – a level that has proven to be a formidable resistance in recent times.

Lastly, let me lighten the mood with a little humor. If Bitcoin keeps correcting like this, I might start predicting its next move by flipping a coin instead of analyzing charts! But hey, who knows, maybe it’s just a matter of time before we see Bitcoin flipping to the bullish side again!

Over the last week, Bitcoin’s value remained relatively stable compared to expectations, as it went through a period of adjustment within the cryptocurrency market. Although there were several instances where its value increased, it failed to surpass the $100,000 threshold, which has proven challenging. The price trend in December differed significantly from previous optimistic forecasts. Meanwhile, financial experts are still offering predictions about Bitcoin’s potential price fluctuations.

Is Bitcoin Price Top In?

On December 27th, the cryptocurrency analysis post by More Crypto Online (X post) presented an engaging prediction about Bitcoin during its current corrective phase. Utilizing the Elliott Wave Theory, these financial analysts have outlined two contrasting projections for the BTC market – the yellow and white scenarios.

The Elliott Wave Theory is based on the idea that financial markets follow recurring, self-similar patterns known as waves, which can help forecasters predict future market movements. At present, Bitcoin appears to be following a corrective pattern, going against the overall upward trend. According to the white scenario, this means Bitcoin might have reached its peak during December 26th with the completion of a B-wave.

Right now, the leading cryptocurrency appears to be trending in a C-wave, aiming for a possible price peak within the range of $80,000 to $85,000. Previously strong support levels that could counteract this downward trend are roughly at $95,068 and $96,670. But as Bitcoin hits new lows, these resistance areas may need to be adjusted.

From my perspective as a crypto investor, it appears that the B-wave, which was previously thought to have concluded in the optimistic scenario, might still be unfolding within a larger corrective pattern. Notably, Bitcoin has yet to reach its peak in this scenario. To validate the yellow scenario, Bitcoin must surpass $96,673, indicating that the upward trend continues. Until that price barrier is broken, the white scenario, with its bullish outlook for the Bitcoin market, remains most likely.

BTC Price Overview

Currently, Bitcoin is being exchanged at approximately $94,790, representing a minor decrease of 1.04% in the last day. Concurrently, daily trading volume has increased by 10.35%, amounting to around $52.24 billion. After a week of relatively equal gains and losses, Bitcoin has experienced a fall of 2.00%. Regrettably, this weekly decline has also pushed its monthly performance into the red.

In terms of Bitcoin’s price action according to the Elliott Wave theory, surpassing $96,600 is the immediate goal for market bulls. Yet, a significant barrier lies ahead at $100,000, as this level has demonstrated strong resistance in recent periods. Overall, there remains a great deal of optimism in the Bitcoin market, with many anticipating favorable crypto policies following the inauguration of President-elect Donald Trump, which could mark a new pro-crypto era.

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2024-12-29 02:10