Is Bitcoin bouncing off to make a way upside? The following 19 March Bitcoin price prediction looks at BTCUSD from Elliott wave theory perspective.
19 March, AtoZForex – Toward the end of the first week of this month, the Cryptos continued down side after an effort to to climb up. Bitcoin dipped close to $7000 before it bounced off. The bullish ‘bounce off’ seen today was expected from Elliott wave perspective. Last week, when price dipped to $8300, it was expected that the wave C of the long term wave (ii) would have completed. There was a rally but we were suspicious of a further fall. The rally that followed $8300 was clearly corrective and the fall afterward was clearly expected. Price broke downside and we started a new 5-wave count which was to be the wave v of C.
In the last update, we looked at the extent of wave v (its sub-waves circled as shown below) of C. It was expected that there would be a relief once price completed this move and we might see some real bullish move. The chart below was used in the last update.
Price has completed the 4th sub-wave of the last leg (wave c) of ii (circled). The last leg is on the way and could extend to $7000-$7500 before we see the next bullish move. Only a strong dip below $6000 would invalidate this expectation. So, watch out for another round of bullish opportunity around $7000-$7500.
With this expectation, we were more specific of where the bounce could be. The zone was set at $7000-$7500. Price did exactly that – bounced off at $7250 (mid-way). The chart below shows what could happen next?
19 March Bitcoin price prediction: what next?
The channel bullish breakout is an early confirmation of the end of wave v of (c) of ii. If this move is genuine, we should see price rallying to $9000 followed by an intraday corrective dip to around $8000. There is also a possibility of a rally to $12000. It’s at this point BTC Hodlers should dream again. If price falls below the trendline and breaks below $7200 instead, then a further dip below $5000 is very much likely. Stay tuned for the next update.
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