Bitcoin hit $17000 this week as the strong rally continues to make new highs. Will price close at $20000 this year or below? The following analysis is based on 13 December Bitcoin Elliott wave analysis.
13 December, AtoZForex – Bitcoin continues to break new highs. The scarcely seen pullbacks are even shallow – far shallower than expected. This compliments the bullish run perfectly. Two things are very likely – a sharp bearish correction that will take all by surprise or a push above $20000 before the year ends. Which is more likely? In our previous updates, we favor the rally to continue after each corrective pullbacks. Our forecasts have been more than fairly accurate. It was noted that price was about to complete minor wave 3 and a corrective minor wave 4 should happen. The pullback we called happened but was shallow for a minor wave 4 . The chart below was used in the last update.
The forecast above looks better and more realistic. The rally since November makes up the 3rd minor wave. The rally could continue to $15000 then a dip afterward. Will it make the biggest dip so far to $8500 or continue it’s history of shallow bearish dips to $10000? We shall see. This forecast supports that price could end around $10000-$11000 this year. The next rally after this dip is expected to be strong.
Price dipped afterward and lost 24 % to close at $12700. If the dip was minor wave 4, one would have expected it to persist to $10000 or lower. After the dip to $12700, price rallied and gained 37% to close above $17000 thereby making a new all-time high – the third so far this month. It’s believed that minor wave 3 is still progressing with a very extended 5th sub-wave. The chart below shows the new forecast.
13 December Bitcoin Elliott wave analysis and forecast
The 3rd minor wave now appear closer to completion than not. Price could rally to $18000-$19000 before this happen. A strong dip to $12000 or below is likely especially if there is a strong break below $16000. Bitcoin could still close at around $20000 this year but a strong dip is imminent. Maybe that will provide another opportunity to buy low. Stay tuned for the next update.
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