Bitcoin prices did not show any overall increase over the past week as the leading cryptocurrency continued to undergo market corrections. Despite several rallies, Bitcoin struggled to break above the $100,000 resistance level as December’s price performance continued to deviate from previous bullish predictions. Amid these developments, market analysts continue to issue predictions regarding Bitcoin’s potential price movements.
Is Bitcoin price at the top?
In a December 27th post on X, cryptocurrency technical analyst More Crypto Online shared an interesting prediction regarding Bitcoin in its current state of correction. These market analysts used Elliott Wave Theory to create two conflicting predictions about the BTC market, named the Yellow Scenario and the White Scenario.
For context, Elliott Wave Theory is a form of technical analysis based on the belief that financial markets move in repetitive fractal patterns called waves, which can be used to predict future price movements. Since Bitcoin is currently in a correction structure, meaning it is bucking the bullish market trend, the white scenario sees Bitcoin completing wave B, which marks a local price high on December 26th.
Currently, this leading cryptocurrency is moving in wave C towards a potential price target in the mid-to-low $80,000 price range. The natural support zone to counter this bearish move is approximately $95,068 to $96,670. However, if Bitcoin makes new lows, these areas of resistance will readjust.
On the other hand, the yellow scenario indicates that the B wave that ended in the white scenario is still developing as part of a larger correction structure, where the price peak has not yet been recorded. However, for this yellow scenario to take effect, BTC would need to break above $96,673, indicating that the uptrend is still continuing. Therefore, unless this price range collapses, the white scenario will still dominate the outlook for the Bitcoin market.
BTC price overview
At the time of this writing, Bitcoin is trading at $94,790, down 1.04% in the past 24 hours. Meanwhile, the daily trading volume increased by 10.35% to reach $52.24 billion. After a week of almost even profits and losses, the major cryptocurrencies fell by 2.00%, and their monthly performance also fell into negative territory.
For market bulls, the immediate challenge is to break above $96,600 based on Elliott Wave theory, but a major opposition awaits at $100,000, which has proven to be an effective resistance recently. In general, optimism remains high in the Bitcoin market, especially with the impending inauguration of US President-elect Donald Trump, who is expected to usher in a new era of pro-cryptocurrency policies. are.
