Will Bitcoin break above $9000 to head to $10000? The following 23-25 April Bitcoin price prediction looks at BTCUSD technical forecast based on Elliott wave theory.
23 April, AtoZMarkets – Bitcoin has gained about 40% in the last two weeks to start the biggest bullish recovery since March. Ethereum, Ripple and Litecoin also rallied in similar measures. Technically, the rally could hit a resistance at some point leading to a bearish move before price advances further.
In the previous updates, we saw the rally advancing into an impulse wave. At the end of this wave pattern, a corrective 3-wave pattern is expected to follow. Since the last update was posted, price has remained quiet – ranging to probably complete a sideway pattern instead. The actions of price so far this week suggests the impulse wave rally could continue. The chart below was used in the last update.
Price is completing the 5th wave and we might see a 3- wave drop in the coming days. The drop could get to $7000-$7500 or maybe shallower. The bullish move is highly likely to continue after this drop. This could be another opportunity to join the next rally.
At the end of an impulse wave, it’s important to wait and see price confirming the viability of the pattern. Price usually moves significantly in the direction of forecast before a pullback. Impulse wave traders usually wait for price to move and then ‘buy the next dip’ or ‘sell the next rally’. In this case, a dip didn’t follow; rather price stayed sideways suggesting that wave (v) might not have completed yet.
23-25 April Bitcoin price prediction – what next?
The chart above looks at the sub-waves of wave (v). Price is probably completing wave iv of (v) with a sideway triangle pattern. This suggests that price could rally further to $9500. The rally is getting to the final stages. One should prepare for a drop soon, maybe to $7500 before the rally resumes. Stay tuned for the next update.
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