Bitcoin is still trading around $8000. It’s likely price would rally further in the coming days. The following 18-19 April Bitcoin price prediction looks at BTCUSD forecast based on Elliott wave theory.
18 April, AtoZMarkets– Price was at the brink of dropping below $6000 before it rallied last week to $8400. This rally was seen in other major coins as one would have expected. This rally is likely to continue in the coming days before the neat dip. Price opened this week below $8400 and went down close to $7800. Today, price rallied back to $8000 and could even go further upside to strike a positive week.
In the last update, we didn’t analyze the rally with Elliott wave theory. We only pointed to the possibility of price completing a long term correction with an ending diagonal pattern. Ending diagonals are often followed by high momentum move and that was what happened exactly. The chart below was used in the last update.
We have been expecting wave (2) to complete for some weeks and with this breakout, there could be something coming up. If the above wave count is correct, then we should expect price to rally further to $9000 and $11000 in the coming weeks. Further drop to $6500 could mean the bearish move will continue below $6000.
At the end of such a rally, there is usually a corrective dip before the bullish move resumes. Today’s forecast labelled this rally to have an exact clue of when the dip could possibly happen.
18-19 April Bitcoin price prediction: what next?
Just like we had in the Ripple latest forecast, BTC is expected to rally further to complete an emerging impulse wave. There is a high likelihood of price hitting $8600 or $9000 in the coming days. At the end of the impulse wave, we can expect a bearish correction to start and that might give another opportunity for buyers when it completes.
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