Bitcoin has been sideways this week trading inside a technical price range. The following 30 July Bitcoin price prediction looks at what could happen next based on Elliott wave theory.
Bitcoin has been the best performing Cryptocurrency in the last 4 weeks. It gained nearly 50% in just about a month. After breaking above the $7800 price level, we expected the rally to continue to $10000 as a bullish impulse wave emerges. In the last update, shortly after price peaked at $8500, we expected a 4th wave dip. The chart below was used.
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.
30 July Bitcoin price prediction: what next?
Price has been silent between $7800 and $8500. The two price levels are significant to the nearest term direction. The trend is still bullish with an impulse wave from $5800. The 4th wave has been completed based on our last update but we might not see a break above $8500 yet. A triangle wave 4 (circled) is likely to surface. If the trend will continue, price should stay above $7800. The next bullish target is $9000-$9500 where the impulse wave is set to complete. A dip should follow afterwards. Stay tuned for the next update.
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