October 23, 2019 | AtoZ Markets - The cryptocurrency market lost nearly $4 billion on Tuesday. The bearish run from late June is eating deep into the last quarter of the year. It looks very likely that the crypto market will spend much of the last quarter struggling. Bitcoin is currently priced at $8,050. With its $144.96 billion in market capitalization, the premier cryptocurrency holds 66.5% of the total market share according to data on Coinmarketcap.
This week so far, Bitcoin has shed 4% of its market value with much of this coming in the last 24 hours. For much of the month, Bitcoin price struggled to break toward the $9,100-9,300 resistance zone. However, it could only go as high as $8,800 before the current slump. With the current price actions, it seems BTC is more bound to commit downside than making huge recoveries. In fact, something drastic has to happen to drag it away from the current bearish zone. The $7,700-$7,800 support zone is now the only barrier the bears have to beat to extend the sell-off from $13,900 2019 high. The long term Hodlers will have to be more patient to see off their long term investments in Bitcoin.
Bitcoin price prediction October 23: Elliott wave analysis
From the perspective of our Elliott wave analysis, Bitcoin will mostly plummet further. In the previous updates, we mentioned $5,500-$6,000 as potentially the next bottom before the long-term bullish trend resumes. The market is in a bearish phase which does not seem to have ended. In the last update, we used the chart below.
Bitcoin H1 Chart (Trading View)
The long-term forecast counted a double zigzag pattern emerging from $13,900. Wave (b) of the second zigzag leg (wave Y) ended at $8,800 albeit very shallow. Wave (c), which should be a bearish impulse wave started at $8,800. Wave i of (c) ended at $7,850 and wave ii followed to $8,370 as the chart above shows. To validate this forecast, the price will have to break below the wave ii trendline. Price dropped as we expected and has slightly broken below the wave ii line as the new Bitcoin price prediction October 23 update shows below.
Bitcoin H1 Chart (Trading View)
Bitcoin price is breaking away from the trend line. Wave iii is in motion and is yet to complete its 1st sub-wave. $7,850 might offer support for a minor bounce toward $8,100-8,200 before the bearish run continues. Unless a massive surge above $8,371 happens, this scenario will play out. Waves iii to v might extend toward $5,500-6,000 support zone.