Bitcoin’s price has been stuck in a rut lately. Despite some upward blips, it hasn’t been able to break through the $100,000 resistance level. This is a bit of a surprise, given earlier optimistic predictions. So, what’s next?
Elliott Wave Theory Predictions
Analysts are using the Elliott Wave Theory – which basically says market movements follow predictable patterns – to try and figure out Bitcoin’s next move. There are two main scenarios:
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The White Scenario (Bearish): This suggests Bitcoin hit a peak on December 26th and is now heading down towards the $80,000 range. The key support level to watch is around $95,068 – $96,670. If Bitcoin breaks below this, the support level will shift.
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The Yellow Scenario (Bullish): This suggests the peak hasn’t happened yet and Bitcoin could still go higher. For this to happen, Bitcoin needs to break above $96,673. As long as it stays below that, the white (bearish) scenario is more likely.
Current Bitcoin Price and Market Sentiment
At the moment, Bitcoin is trading around $94,790, down slightly. Trading volume is up, though. Overall, Bitcoin is down about 2% for the week and the month.
For Bitcoin’s price to rise, it needs to break through $96,600. However, a big hurdle remains at $100,000.
Despite the recent price dips, many remain optimistic about Bitcoin’s future, particularly with the upcoming change in US presidential administration and the potential for more crypto-friendly policies.
