Bitcoin is looking more likely to drop to $4000 after last week fast drop to $6000. Will it make a corrective rally before dropping further? The following 10 September Bitcoin price prediction looks at what could happen next.
Bitcoin continues to dig aggressively deeper. Last week, price dropped close to $6000 after losing $1000 from $7400 to $6400 at the beginning of the week. Will the same thing happen this week? Price is currently sitting on a strong support level between $5700 and $5900. A strong break below will see price drop further to the next bearish target at $4000. In the past updates, using Elliott wave theory, we discussed about a bearish triangle pattern that completed at $7400. At the end of this pattern, price dropped $1400 to the pattern neckline. The triangle neckline also falls at the $5700-5900 support zone discussed above. Will there be enough bearish momentum to break downside this time around? The chart below was used in the last update.
In less than a day, price has lost what it gained in the previous 2 weeks in a wildly bearish environment. The fall should continue unless a sudden rally happens above $7500. The next bearish targets are $4000 and $2000 after the triangle breakout.
10 September Bitcoin price prediction: short-term rally?
Despite the strong bearish trend still holding, there is a strong chance that a bullish pullback to $6700-$7000 would be seen before the bearish move resumes. From $7400, the chart above starts a bearish impulse wave forecast. After the bullish wave ii correction to the earlier mentioned price level, price could start the 3rd wave and break below $6000 en-route to $4000. On the other hand, a fast bullish spike above $7400 could save the day for the bulls and invalidate the expectation above. Price can move either way but the bearish forecast above is much more likely. Stay tuned for the next update.
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