Bitcoin’s price saw no overall increase over the past week as the major cryptocurrency continued to undergo a market correction. Despite multiple upside moves, Bitcoin struggled to break the $100,000 resistance as price performance in December continued to deviate from previous bullish predictions. Amid this development, market analysts continue to issue projections on Bitcoin’s potential price movement.
Is the Bitcoin Price Top-In?
In an X post on December 27, crypto technical analysis More Crypto Online shared an interesting prediction about Bitcoin in its current corrective state. Using the Elliott Wave Theory, these market analysts have created two opposing predictions on the BTC market, the so-called yellow and white scenarios.
For context, Elliott Wave Theory is a form of technical analysis that relies on the belief that the financial market moves in repetitive fractal patterns called waves, which can be used to predict future price movements. With Bitcoin currently in a corrective structure, i.e. moving against the bullish market trend, the white scenario states that Bitcoin has completed a B wave in which it recorded a local price top on December 26.
Currently, the leading cryptocurrency is moving in a C wave heading towards a potential price target in the mid-to-low price zone of $80,000. The initial support zone to counter this bearish move is around $95,068 – $96,670. However, as Bitcoin makes new lows, these resistance regions will be recalibrated.
On the other hand, the yellow scenario shows that the B wave, which concludes in the white scenario, is still developing as part of a larger correction structure where no price top has yet been registered. However, for this yellow scenario to become valid, BTC must break above $96,673, indicating that upward movement is still underway. Therefore, as long as this price zone remains uninterrupted, the white scenario remains the dominant outlook for the Bitcoin market.
BTC price overview
At the time of writing, Bitcoin is trading at $94,790, down 1.04% in the past 24 hours. Meanwhile, daily trading volume rose 10.35% to $52.24 billion. After a week of near-balanced gains and losses, the leading cryptocurrency is down 2.00%, with its monthly performance also sliding into negative territory.
For market bulls, the immediate task remains to get above $96,600 based on Elliott Wave theory. However, there is a major opposition waiting at $100,000, which has proven to be an effective resistance in recent times. Overall, optimism remains high in the Bitcoin market, especially as the inauguration of newly elected US President Donald Trump is fast approaching, which is expected to usher in a new era of pro-crypto policies.