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Sanmi Adeagbo

10 January 2018

Forex Cryptocurrency

10 January Bitcoin price prediction-crashing to $9000?

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Bitcoin goes below $14000 early Wednesday session dropping about 10% in the last 24 hours to resume the bearish run. Will price dip further or there will be some surprise move upside? 10 January Bitcoin price prediction have some useful clues below.

10January, AtoZForex  - Last week rally looked like Bitcoin was ready for a complete recovery to break above $20000 mark but this week is saying otherwise. The bearish pressure continues to mount up. Price has been in a bearish run since the beginning of this week dropping nearly 22% so far. In the last 24 hours, price has dropped about 10%. In addition to its current bearish nature, BTC's dominance has dropped from nearly 37% to about 33% in a week.

From technical analysis point of view, the bearish correction was well pronounced. We have followed every turn since last December fast dip. There was suppose to be a wave 4 minor dip to $9000 as was speculated in last December. How probable is it for price to continue the bearish run to next week? It's highly probable. Let's review the last update before proceeding

In the last update, we used the chart below.

6-12 January Bitcoin price prediction Bitcoin Elliott wave analysis, H2 (click to zoom)

What happened afterward? Price broke above $16600 for the first time this year. The triangle pattern will no longer hold. I expect price to rally to $18000 soon. The rally from $11200 is still very much corrective. BTC not showing the kind of determined bullish move like XRP and ETH is still giving some concern. A strong dip below $15000 could still happen this month if price still looks reluctant to push up with strong momentum.

Price rallied close to $18000, dropped below $15000 and further downside just as expected. The chart below shows what we should expect next.

10 January Bitcoin price prediction: what next?

10 January Bitcoin price prediction Bitcoin Elliott wave analysis, H4 (click to zoom)

If price breaks below the channel like (which is very likely), there is a high probability that Bitcoin will fall further to $9000 or even $8000 before a new breath of bullish relief would be expected. Will price dig deeper if the bearish momentum is very strong?. Yes, it could. Stay tuned for the next update.

Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.

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Bitcoin price prediction Bitcoin Elliott wave analysis

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