The cryptocurrency market has been abuzz with discussions about Bitcoin’s price movements, particularly as the leading cryptocurrency experiences a market correction. Throughout the past week, Bitcoin’s price has demonstrated minimal overall growth, despite several upward attempts. The $100,000 resistance level remains elusive, and Bitcoin’s performance in December has veered away from the bullish trajectory anticipated by many experts. In this context, market analysts continue to provide insights into Bitcoin’s potential future price movements.
Is Bitcoin Price Top In?
On December 27, a notable prediction was shared by the crypto technical analysis platform, More Crypto Online, regarding Bitcoin’s current corrective phase. Utilizing the Elliott Wave Theory, analysts have outlined two contrasting scenarios for the BTC market, referred to as the yellow and white scenarios.
Understanding Elliott Wave Theory
The Elliott Wave Theory is a technical analysis framework based on the premise that financial markets move in repetitive fractal patterns, known as waves, which can be leveraged to forecast potential price directions. In the present corrective structure of Bitcoin, which is contrary to the prevailing bullish trend, the white scenario suggests that Bitcoin has reached a B-wave, achieving a local price peak on December 26.
The White Scenario
According to this perspective, Bitcoin is progressing through a C-wave, targeting a price range in the mid to low $80,000s. The initial support zone poised to counteract this bearish trend is around $95,068 to $96,670. However, as Bitcoin establishes new lows, these resistance levels may be adjusted accordingly.
The Yellow Scenario
Conversely, the yellow scenario indicates that the B-wave, which the white scenario considers complete, is still unfolding as part of a broader corrective pattern, with no definitive price peak yet established. For the yellow scenario to hold, Bitcoin would need to surpass $96,673, signaling continued upward momentum. As long as this price level remains unbroken, the white scenario continues to dominate Bitcoin’s market outlook.
BTC Price Overview
As of the latest data, Bitcoin is trading at $94,790, reflecting a 1.04% decline over the past 24 hours. Meanwhile, the daily trading volume has increased by 10.35%, reaching $52.24 billion. Over the past week, Bitcoin has experienced a nearly balanced mix of gains and losses, resulting in a 2.00% decline, with its monthly performance also slipping into negative territory.
Market Projections and Resistance Levels
For market bulls, surpassing the $96,600 mark is the immediate objective, in line with the Elliott Wave theory. However, a significant challenge remains at the $100,000 level, which has consistently served as a formidable resistance. Despite these hurdles, optimism persists in the Bitcoin market, particularly with the anticipated inauguration of US President-elect Donald Trump, an event expected to usher in a new era of pro-crypto policies.
