Bitcoin price hit new 2019 highs during the weekend to continue the year's bullish trend. Is BTC on course to $10,000?
June 17, 2019 | AtoZ Markets - The cryptocurrency market returned to the upside after the dips in early June that took Bitcoin below 7,400. The premier cryptocurrency is now leading the way after the weekend surges pushed it to $9,200. With the current surge, BTC yet hit a new 2019 high and has now completed over 38% recovery of the 2018 bearish trend. Bitcoin is now mid-way to its all-time high. Currently trading at $9,350, Bitcoin is very close to the $10,000 handle which price might find easy to hit in June.
The cryptocurrency market is now buoyant after its king is back on track. In the coming days, Altcoins are also expected to follow this path and make new 2019 highs in June - Litecoin has already fulfiled this. The total crypto market capitalization is now at almost $290 billion at the time of filing this report. This means that market participation and value have more than doubled in 2019. Furthermore, with $165 billion in market capitalization, Bitcoin continues to maintain over 55% dominance of the entire market.
Bitcoin analysis: important price levels
The most important price level to the upside is the $10,000 mark. Price is close. After 10,000 is 12,000. Once $12,000 is surpassed there are very little barriers, in terms of critical levels, on the way to the all-time high. Bitcoin price is flying much more than many had expected at the beginning of the year. To the downside, we could just expect a bearish retracement. The likelihood that price had already bottomed at 3,100 is very high. There are support levels at 7,400, 6,200, and 50xx which might be tested.
Bitcoin price prediction: Elliott wave perspective
In our previous updates, we expected the dip from late May to happen and had target levels at 7,500 and 7,000. The dip was expected to be the 4th wave of the bullish impulse wave from 3,100. The 4th wave eventually continued to 7,400 with a zigzag pattern. However, it was shallow and an alternative double zigzag was forecast in the last update. With the current rally, the price has opted to end the dip at 7,400 and accelerate further.
Wave (1) is about to complete. We could be in the 5th wave which is expected to extend to 10,000-12,000 (50% retracement of the entire 2018 bearish trend). However, price is about to complete a wedge/ending diagonal pattern at 10,000. If the diagonal holds, 12,000 might not happen before wave (2) bearish correction starts. From a technical perspective, there is so much confidence and enthusiasm around this digital asset.