1 February Bitcoin price prediction – BTCUSD dips further to $5000?

Bitcoin is about to break below the last low at $9200 as the bearish move resumes. Will price dip to $5000 this month? 1 February Bitcoin price prediction below shows why BTCUSD could dip further.

01 February, AtoZForex – The bearish run resumed this week as market cap drops further. Bitcoin made a new low on 17th January at $9200. The rally that followed was corrective and looked like a sideway triangle pattern. Many times in the Crypto market when price goes sideways to complete a triangle pattern, a strong move follows. There was a  triangle that completed between 11th and 15th January 2018. At the completion, price dropped about 36% two days after to the $9200 price low. After the dip to $9200, a much bigger similar triangle completed between 17th and 25th as shown in the chart below used in the last update.

February 2018 Bitcoin price technical prediction BTCUSD Elliott wave analysis, H2 (click to zoom)

It seems price would go into another range-bound move probably between $12500 and $10500. Only a strong break above $13000 could give the bulls any chance. The emerging triangle pattern could continue till end of January waiting for a bearish trigger in February. If this happens, a dip to $5000 is very much likely as suggested in the last update. The second half of February could bring about a relief as price could start a new rally.

Price dropped after the triangle pattern and now heading lower than $9200 to make a new low. In the last update, we had $5000 as the new bearish target. The larger corrective structure is a double zigzag pattern. The chart below shows the breakout of the triangle downside.

1 February Bitcoin price prediction: what next?

1 February Bitcoin price prediction BTCUSD Elliott wave analysis, h2 (click to zoom)

The chart above shows a double zigzag bearish corrective move breaking below $9200 low. Wave (y) of Y is also a double zigzag and could be as long as X-(w) fall. That is calculated to be in the region of $5000 (and below). Stay tuned for the next update.

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