Bitcoin hit a new low this week and has been kept rooted to the downside. The following Bitcoin price prediction November 12 update is based on the Elliott wave theory.
November 12, 2019 | AtoZ Markets – Bitcoin price dropped below the $9,000 mark last week after a massive breakdown from a sideway pattern. Earlier this week, the bulls attempted recovery and quickly pushed to $9,250. However, that only lasted for some hours before the sell-off resumed. On Monday, the price hit $8,600 on some exchanges and will most likely continue below to $8,500 or $8,000 before the bullish run from $7,300 continues.
Generally, the market has shed about $15 billion in the last one week. Currently, the total market capitalization stands at $239.4 billion (Coinmarketcap) with Bitcoin having 65.9% dominance. Crypto bulls will hope that the huge bullish moves across the board that we saw between October 25 and 26 will continue. The likelihood of this is high considering that the dip from $10,500 is corrective.
Taking a quick recap of the performance of the top 6 coins, Ripple and Bitcoin sit on the bottom with 10% and 7.5% slump in the last 7 days. Meanwhile, over the last 30 days, BCH and LTC remain the biggest gainers with 29% and 8% profit respectively at the time of writing this report. Bitcoin only gains 3.8%, Ethereum 0.7% and Ripple is breakeven (in the last 30 days). Bitcoin still leads the gainers with 37% over the last 365 days and 122% in 2019 ytd.
Bitcoin mining difficulty drops; hash rate surges
Meanwhile, Bitcoin mining difficulty has dropped significantly. Since the 2018 bearish market, this is happening for the first time. As a result, the Bitcoin price is just about $700 above the current mining breakeven price. In addition, the hash rate continues to surge. This is a good one for the miners ahead of the 2020 block reward halving. In all, miners will still anticipate the sort of rallies seen in the first half of 2019 to resume in this quarter or in the first half of 2020.
Bitcoin price prediction November 12 update
The drop from $10,500 is corrective. In the last update, we had two reversal levels where we will anticipate the bulls to attempt another recovery. We used the chart below in the last update.
The price is very close to the $8,450-8,550 first reversal zone as the new chart below shows. We will be looking forward to a technical reversal signal or a big spike to trigger the move.
Price is close to the zone with an ending diagonal pattern. If it stays above this zone and then breaks above $9,000, that could be the trigger for the next surge above $10,500. However, if the price breaks below this zone, we will look forward to reactions at the $7,800-$8,000 zone.