Bitcoin price prediction: BTC bullish double bottom emerging

Bitcoin bounced off again to almost hit $10,000. A double bottom bullish pattern is emerging. Will BTC push above $10,200? The following Bitcoin price prediction is based on technical analysis.

July 31, 2019 | AtoZ Markets - Last week ended bearish for Bitcoin. This week has been a bit different so far. The flagship digital asset was pulled from the $9,100 low, after it touched it briefly, to $10,000. However, this is not to say that the bearish correction is finally over. That will depend on the bulls' ability to break some barriers upwards. Furthermore, there is a possibility of a double bottom pattern from $9,100 with a neckline at $11,100 as the bulls build a foundation to launch the next assault. With the current minor rally to $10,000, BTC has gained about 9% this week so far. Before $11,100, the first barrier to conquer is the $10,200 resistance level.

The crypto market in terms of capitalization is almost unchanged compared to the end of last week. Bitcoin still holds 64.6% dominance of the market. The altcoins have not been able to fight back as they lack massive triggers to cover up. The next three cryptos, Eth, XRP and LTC have a combined market capitalization that's around 25% of BTC's. Does that spell the gap better? If BTC continues to widen its dominance, its hard-forks LTC and BCH might catch up with ETH and XRP.

Bitcoin price prediction: Elliott wave analysis

The 2019 bullish trend started in December 2018. At $13,900, we identified the end of wave (1) of the impulse wave that is expected to lead to a complete recovery and make new all-time highs. The current dip since late June is expected to be wave (2). Though wave (2) completed a double zigzag pattern at $9,100, there is no bullish reversal pattern yet to confirm the continuation of the bullish trend. In the last update, we used the chart below.

Multibank Review
Visit Site
4.8/5 Review
Visit Site
4.8/5 Review
Visit Site

If wave (2) had ended, wave (3) suppose to emerge with a bullish impulse wave above $11,100 and the wave (2) channel. That has not happened yet and an alternative view of a more complex wave (2) toward $8,500 or $7,200 arose. This scenario is still valid as price stays above $9,100. The chart below shows the emergence of a double bottom reversal pattern with a neckline at $11,100.

If the current surge continues above the $11,100 high to $13,100 (above the channel), the bullish trend should continue toward the $19,800 all-time high. In as much as price remains below $11,000, lower prices at $8,500 and $7,200 can be reached.





Leave a Reply

Your email address will not be published. Required fields are marked *