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Bitcoin price prediction: bearish correction continues below $10,000

Sanmi Adeagbo | Jul. 2, 2019
Bitcoin price prediction: bearish correction continues below $10,000

Bitcoin is shedding some of the 2019 gains. The following share technical insights based on Elliott wave theory.

July 02, 2019 | AtoZ Markets - After losing over $4,000 in less than a week, it's safe to say the much expected bearish correction has started. Bitcoin has had an extended bullish run from $3,100 in December 2018 to $13,900 in June 2019 to complete the 61.8% retracement of the 2018 bearish run. 

The bullish trend has had some dips along the way. At the start of the bullish trend from $3,100, the price had the first set-back in January 2019 with a big 21% dip. After recovering in February, the price dipped 12% as the end of the same month. Price recovered the February dip in March and moved toward a fresh year high. April changed the game as the price surged and maintained the rally throughout May and a new 2019 high was achieved at $9,100. However, on May 17, there was a flash 25% crash and BTC dropped $2,100 in 1-2 hours. Price recovered quickly until a bearish June came in and caused an 18% dip to $7,400.  An 85% massive surge followed afterwards to a new 2019 high at $13,900. Since the last week of June however, the price has dropped about 30% which is the biggest dip so far in 2019. This could easily be the real bearish correction of the bullish trend from $3,100.

Bitcoin price prediction: Elliott wave perspective

Bitcoin is expected to continue the bearish correction to $8,500 first and $7,000 next as explained in the last update after price broke below a significant trendline.

The dip has continued and BTC currently trades at $9,850 - heading to the $9,100 previous high. Price is expected to drop into the $9,100-$7,400 late May/early June territory. There could be a minor bounce at $9,100 before the dip continues. The new chart below shows little changes to the last update.

Wave (2) is ongoing and should continue to 8,500-7,000 zone unless a massive bullish spike happens. At the end of wave (2), the bulls will be prepared to drive the premier cryptocurrency to a new all-time high as the wave (3) re-establish the bullish trend. 

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.