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Bitcoin price prediction: what BTC could do to avoid further dips

Sanmi Adeagbo | Jul. 29, 2019
Bitcoin price prediction: what BTC could do to avoid further dips

Bitcoin remains within the bearish correction zone as it trades below $10,000. The following Bitcoin price prediction is based on the Elliott wave theory.

July 29, 2019 | AtoZ Markets - The Bitcoin price continues to retreat below the $10,000 mark as it now nears the $9,100 July low. The Crypto market will want the month of July to get behind as all cryptos have lost a significant part of the 2019 gains during the month. In late June, Bitcoin peaked at $13,900 after rallying from $3,100 in December 2018. The premier crypto has now lost 0ver 40% of the rally as it currently exchanges for $9,500. 

In the last 7 days, BTC price has dropped gradually but still remains above the $9,100 low. There is a chance that if $9,100 continues to hold, the price might eventually break upside above $11,100 July top and recover completely from the current bearish correction. Although the larger degree outlook favours the bulls, he bears might drag the price deeper to $8,500 or even $7,200 before the real recovery finally takes over. 

In the last 7 days, the crypto market shed over $10 billion. Almost all the cryptos listed on Coinmarketcap have dropped their prices in this period. Meanwhile, Bitcoin has 64.5% of the market's total share of $263.6 billion down from the nearly 66% recorded at the start of July.

Bitcoin analysis: important price levels

The picture painted by the price chart of Bitcoin is very clear. The important levels are also very clear. To the upside, $11,100 is the nearest resistance level. A strong surge above this level might lift the cryptocurrency to test the $13,200 level and the $13,900 level on the way to the $19,800 all-time high. To the downside, the 50% and 61.8% Fibonacci retracement of the bullish trend from $3,100 low to $13,900 high lay roughly at $8,500 and $7,200 respectively. Price might test these levels and if supported, might continue the bullish trend.

Bitcoin price prediction: Elliott wave theory

In the past updates, we have been identifying a double zigzag corrective pattern ending at the $9,100 level. This was supposed to be the wave (2) of the wave (1) rally that happened from $3,100 to $19,800. However, wave (2) at that level will be short of the 50% Fib retracement and therefore will be a bit shallow. The chart below was used in the last update.

If the wave (2) has ended, a bullish impulse wave should break above the channel. We started counting the impulse wave. Price dug a bit deeper but still remains above $9,100 thereby making the scenario still valid as the new chart below shows.

A big break above $11,100 is required to return the bullish with the possibility of breaking above the channel and return upside. Otherwise, the price might test the $8,500 and $7,200 levels before doing so.

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.