Bitcoin dropped to the $8000-$8500 zone before price rallied back to $9000 in a bearish market. Will price rally soon? The following 13-15 March Bitcoin price prediction looks at BTCUSD forecast from the perspective of Elliott wave theory.
13 March, AtoZForex - Bitcoin, just as expected, continued the bearish run after being unable to break above $11800 high. Price dipped to the lower end of $8000 last week before making a way to $9000 at the beginning of this week. From Elliott wave perspective and the previous updates, price is about to complete a 3-wave dip which is expected to end around the $8000-$8500 zone. It seems price bounced off the level but its reaction up to $9000 looks rather corrective. This suggests that the bearish run could be below $8000. How probable is this? What level should price take out to encourage more bearish move below expectation? Let's revise the last update and continue from there.
The chart below was used in the last update.
The 3-wave bearish correction continued as expected. The next bearish target to watch out for is $8000-$9000. If price gets to this level, we’ll see how it will react. The continued bearish move is not expected to dip below $6000. If it does, we will start counting a new bearish impulse wave from $11800 which could see price drop below $3000. That’s less likely. What’s more likely is that price will drop to the $8000-$9000 or slightly below and rally above $11800 high.
Our previous predictions that price would dip further when it was about to break above $11800 was accurate. Price has also hit our bearish target of $8000-$8500 perfectly. Does the current reaction after getting to this zone show a sign of bullish recovery above $11800? That, we need to check.
13-15 March Bitcoin price prediction - BTCUSD technical outlook
The chart above shows two scenarios owing to the fact that price made a 3-wave rally after dropping to the $8000-$8500 zone. The first scenario (in red) expect the 3-wave corrective rally to be the 4th wave of c. This means that price would take one more bearish leg downside to complete the long term bearish correction. This means that our bearish target will now be extended to $7000-$7500 if price breaks below $8789 intraday low. This scenario is very likely.
Alternatively, a surprising rally could follow despite the 3-wave bullish correction as illustrated with the green arrows in the chart above. This will ensure our bearish target in the last update still holds and supporting that wave ii (circled) completed at $8324 low. There is also the possible formation of an inverted head and shoulder pattern which supports price breaking upside. This scenario will be more preferred if price breaks above the wave a-c neckline (above $10000). If this happens, price will be expected to rally to $13000-$15000 for 30-50% gains.
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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