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Bitcoin price prediction: is the bearish correction over?

Sanmi Adeagbo | Jul. 9, 2019
Bitcoin price prediction: is the bearish correction over?

Bitcoin rallied close to $13,000 on Tuesday to continue the July recoveries. Will it be sustained? The following share insights based on Elliott wave theory.

July 09, 2019 | AtoZ Markets - BTC is once again performing better than the altcoins after the July recoveries seen across the board. The flagship cryptocurrency though dropped below $10,000 in late June but has outperformed most altcoins in July. In July so far, BTC has gained over 30% after it hit $12,900 on Tuesday. However, it's not certain that the bearish correction from $13,900 is yet over. A massive dip below $9,700 could happen to complete a deeper and more complex correction before the bullish trend resumes. 

BTCUSD price has been bullish this week. It gained almost 4% on Sunday and over 8% on Monday. Today, however, after gaining almost $600 to hit $12,900 price, BTC dropped fast to $12,000 before correcting to $12,300 where it currently trades. From the technical perspective, $12,300-$13,200 is a strong resistance zone which could reject the current bullish push. A break above this zone will almost probably lead to the $13,900 high or even a fresh 2019 high. If the resistance zone holds, further dips to $9,000 or even $8,000 is very much possible as discussed in the last update.

Meanwhile, the market has gained about $4 billion in the last 24 hours (at the time of writing this report) with capitalization standing at $344 billion. Bitcoin's dominance has also increased by 0.7% in the last 24 hours according to data available on Coinmarketcap.

Bitcoin price prediction: Elliott wave perspective

From the perspective of the Elliott wave theory, the dip from $13,900 looks shallow at $9,700. Therefore further dip is expected as the chart below used for the last update shows.

Wave X was expected to continue to the $12,300 - $13,220 zone. Price has done exactly that. Wave X is at the brink of completion as the new chart below shows.

A break below the Wave X channel will all but confirm the start of wave Y. If the price moves as expected, it will drop to $9,000 at least before wave (3) burst upside to make a new all-time high.

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.