Bitcoin stays above $6000 as the short term bullish recovery continues. How long will this last before the bears take over? The following 17 September Bitcoin price prediction looks at what could happen next.
Last week, BTC rallied from $6100 to $6550 as price started a correction upside after a big bearish move. The rally looks corrective and will probably lead to lower price dip to $4000 in the near term. In this kind of wildly bearish market, the current bullish move does not look ‘trendy’ unless a drastic bullish effect take place soon. In the last update, we predicted the current rally up to $6700-$7000 before price continues downside. The chart below was used in the last update.
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.
17 September Bitcoin price prediction- what next?
The rally from 6100 is corrective. After the long term bearish triangle completed at 7400 and price dropped massively afterwards to 6100, the bearish trend is much likely set to continue. Before that, we might see the current rally to 6700-6900 (50-61.8% Fib-retracement of 7400-6100 dip). The current move from 6100 is emerging into a double zigzag pattern (within a rising channel). A fast break below the channel at any point between the current price and 7000 will most likely continue the bearish journey. There is a strong 5700-5900 support zone which must be taken out as price reach out to the next bearish target at $4000. On the other hand, a fast move above 7400, though less likely, is a possibility. Price can go this way especially if the channel is broken upside above 7000. This scenario will likely set price on a real bullish recovery.
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