Bitcoin is making bullish recovery since last week. Will this month be bullish? The following 3-4 July Bitcoin price prediction gives insights based on Elliott wave theory.
Bitcoin has rallied above $6500 after a dip below $6000 last month. The current rally was much expected as price completed important reversal price structures. In the previous updates, we had highlighted the technical reasons to believe the long term corrections in Crypto coins are in the final stages. We had bearish targets for Bitcoin at $4000 and $1000 but before price could get to these levels (if it would), we might see a strong bullish move upside. The next thing is to analyze the current recovery and see what story price is trying to tell. If the current rally emerges into a corrective pattern, price should go deeper to our bearish target levels. If we see a motive wave instead, we should see higher prices up to $10000 or above in the coming weeks. In the last update, the chart below was used.
Price dropped to 5800 as expected and bounced off it. The fast bounce could be the start of a bigger bullish correction up to $7300. At $7300, price could be retesting the breakout neckline of the triangle pattern. Before $7300, there is $6800 resistance which could also be tested. If the rally is corrective, I expect it to be contained around or below $7300. The market is still bearish but we should expect bullish correction this week.
Price went back to $5800 to form a double bottom and rallied swiftly afterwards, now heading to $6800 resistance level. The chart below shows the new update.
3-4 July Bitcoin price prediction - what next?
Price is expected to break above the $6800 resistance and up to $7300. Like it was said earlier, how far price would move depends on what structure it paints. If corrective, we should see the rally continue to $7300 or its neighborhood before dropping further below $5800. If impulsive, we should see price in the territory of the triangle though a little drop could happen before that. At this moment, price is bullish but it's not yet certain that the long term bearish move is complete. Stay tuned for the next update.
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