Bitcoin rallied to a new high at $12800 gaining 35% in December so far? Where will BTCUSD be at the end of 2017? The following analysis is based on 6 December Bitcoin Elliott wave analysis.
06 December, AtoZForex – Very few investments have made investors more profits in the last decades than Bitcoin. The price continues to soar. 35% gain so far this week is a show that many still consider this digital coin an investment haven. Price broke above the last high we discussed at $11800 now aiming $13000. Can Bitcoin hit $15000 before the year ends? Definitely yes. In fact, that should be a very easy question to answer if the performance this year is anything to go by.
Elliott wave theory is also in support of price rallying even farther from the present level. From our last updates, we explained how price completed the 4th minor wave and now going for the fifth. Maybe at the end of the 5th minor wave, price will make a bearish correction to probably 38.2%-50% of all-time rally. The bullish strength seen this year may make it hard to accept that price could still fall at a point. In the last update, we used the chart below.
The chart above shows a complete but shallow 4th minor wave. $9000 and $10500 are levels of support. Unless price bridge below $9000, the bullish move should continue. This week, we may see price making a dip to $10500-$11000 before rallying to $15000-$16000. This means that the bullish strength is likely to continue but an intraday big dip could be seen before further strong rallies upside.
The 4th minor wave labelled is undoubtedly too shallow and could be considered as part of an extended 3rd minor wave. The wave count below is now more preferred.
6 December Bitcoin Elliott wave analysis: mid-week Forecast
The forecast above looks better and more realistic. The rally since November makes up the 3rd minor wave. The rally could continue to $15000 then a dip afterward. Will it make the biggest dip so far to $8500 or continue it’s history of shallow bearish dips to $10000? We shall see. This forecast supports that price could end around $10000-$11000 this year. The next rally after this dip is expected to be strong. Stay tuned for the next update.
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