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.