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Bitcoin price prediction: bearish correction might continue to $7,000

Sanmi Adeagbo | Jul. 1, 2019
Bitcoin price prediction: bearish correction might continue to $7,000

Bitcoin continues to sell and now about to break below the $10,000 mark. The following technical analysis is based on the Elliott wave theory.

July 01, 2019 | AtoZ Markets - The month of June ended with a sell-off from $13,900 to $10,700. The month, therefore, ended with a 25% gain after it earlier gained 62%. The first half of 2019 was quite impressive after a massive 190% gain. However, the second half of the year continues the bearish end of June. Currently, at the time of this report, Bitcoin is playing around $10,000 and very close to breaking below to it to hit lower prices. The much expected bearish correction has started. In today's update, we will look at how deep the correction could go from the perspective of Elliott wave theory and Fibonacci analysis.

Bitcoin price has dropped over 25% in less than a week. The dip is seen across the board as the market lost over $80 billion in less than a week. Bitcoin still maintains a huge share of the market's $302 billion capitalization at 60.8% according to coinmarketcap. Further dips are very much likely to happen in the first two weeks of July. Once the bearish corrections are over, the bulls should be able to push to higher prices.

Bitcoin price prediction: Elliott wave perspective

After the big surges that were seen since December 2018, a much deeper bearish correction was expected. In our recent Bitcoin Elliott wave updates, we expected a 3-wave bearish correction after the bullish trend from the $3,100 bottom emerged into an impulse wave. The 5th wave surged even higher than expected but all the same, the bearish correction we expected has already begun. The chart below was used in the last update.

Price was expected to drop below the wave 5 trendline to confirm the end of wave (1). The breakout is currently happening as today's daily bar is about closing below the trend line. The new chart below shows that wave (2) is ongoing and could continue to prices around $7,000.

If today's daily candle completely forms below the trendline, the price could continue downside to $8,500 (50% correction of wave (1)) first and $7,200 (61.8% correction of wave (1)) later to complete wave (2). At the end of wave (2), wave (3) is expected to take off far above the $19,800 all-time high.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.