Bitcoin has dropped to $8000 from $8500. Will the dip continue? The following 25 June Bitcoin price prediction looks at BTCUSD based on Elliott wave theory.
Bitcoin has been bearish today after yesterday’s $8500 high. The bearish move followed a $1000 gain earlier in the week. From Elliott wave theory perspective, the price surge from $5700 is emerging into a clear bullish impulse wave. Most times, a fast trend-like move form what Elliott wave theory refers to as an impulse wave. With this impulse wave move, price might have started the long-awaited bullish recovery for Bitcoin. Same happened in April but the two months that followed came bearish. Will the bullish move be sustained this time around? That’s a question we will answer better as price movements unfold. The chart below was used in the last update.
The 3rd wave of an impulsive rally is ongoing with price breaking above the $7800 barrier. The next bullish target is $10000. After the current rally slows down, we will probably see another small dip or sideway move to complete wave 4 (circled) before the next bullish effort sends price to $10000 price level.
The chart above shows the 3rd wave of the impulse wave pattern in motion. Today’s drop fits wave 4 of this degree. The chart below shows the new update.
25 June Bitcoin price prediction: what next?
Wave 1-3 might have completed and price constructing the 4th wave. Price could dip to the $7500-$7800 support zone to complete the 4th wave of this degree. If the wave analysis above is validated by price, we would see a bounce off the zone and price advance further up to $9000. A fast drop below $7500-7800 is the ‘caution level’ for buyers. A break below $6800 will invalidate this forecast and send price deep below $5000. Stay tuned for the next update.
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