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Bitcoin price prediction: short-term BTC forecast toward $11,500

Bitcoin price prediction: short-term BTC forecast toward $11,500

Bitcoin price volatility has slowed down in the last 48 hours. The following Bitcoin price prediction is based on the Elliott wave theory.

September 14, 2019 | AtoZ Markets – Bitcoin hit $10,450 on Thursday after it recovered slightly from the $10,950-to-$9,850 slump. However, the BTC price has stayed quite quiet for the last 48 hours – oscillating between $10,470 and $ 10,150. There is a room for a rally toward $11,000 or slightly above before the price drops again. The cryptocurrency remains stuck between $12,300 and $9,100 for nearly 4 weeks. 

Bitcoin dominance and hash rate increasing

Bitcoin hash rate keeps on increasing despite the current bearish market. The hash rate could hit a record 100 EH/s before the year ends. This has probably helped the BTC price to maintain a moderate decline since late June unlike most of the top cryptos. Bitcoin dominance has again hit 70% with its $185 billion market capitalization according to Coinmarketcap.

Bakkt Bitcoin futures launch in September

The Bakkt Bitcoin futures will be launched on September 23 having acquired all the necessary facilities both legal and otherwise. It remains to be seen if this will cause a bullish spike next week. If the market reaction is upbeat, the resultant rally is expected to be limited below $12,300. If however, a breakout above $12,300 happens, BTC will be considered to have commenced the 2019 bullish trend toward the $19,800 all-time high. Chances are also there that the flagship cryptocurrency will remain sideways between $12,000-$9,100 range for few more weeks. 

Bitcoin analysis: important price levels

Resistance levels: $11,000, $12,300, $13,100 and $13,900. These are the levels to watch out for before the $19,800 all-time high. 

Support Levels: $9,300, $9,100, $7,200. If the higher levels continue to hold, the price will eventually break below the $9,300-9,100 support zone to expose it toward the $7,200-7,000 bearish target zone

Bitcoin price prediction: Elliott wave theory

In the last update, we expected BTC price to climb to $11,200 and its neighbourhood in the short-term. The price is still pointing upside as the new chart below shows.

 

If BTC price moves as expected, it doesn’t mean it might not fall again to continue the triangle pattern with extremes at $12,300 and $9,100. If the price breaks out of any of these extremes, then it is expected to continue to $13,900 or $7,200 depending on the direction of the breakout.

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.

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