Sunday, December 4, 2022

Bitcoin Price Heading for $9000, Forget About China

Bitcoin Price Heading for $9000, Forget About China

Although we’re currently in a China-fueled pullback, the bitcoin price still seems to be on track for a year-end objective of $9000 after finally reaching the $5000 trigger.

Also read: China Cracks Down on ICO Activity as Blockchain Conferences Cancel

Bitcoin Price Technical Analysis

Long-Term Analysis

bitcoin price technical analysis

After an early surge beyond a flag pattern, the bitcoin price briefly reached $5000 before falling back to a strong selling area just above $4500.
From here, the price could test the first support at $4000, which has emerged following the 4th wave of Elliot’s theory. However, a secondary analysis suggests that an increase in new traders motivated by forecasting from the 5th Elliot Wave could trigger a resurgence in the rally, pushing bitcoin to $9000 before the end of this year.

Mid-Term Analysis

bitcoin price technical analysis

The Elliott Wave 5th phase can be evaluated between $4000 and $5500, breaking the psychological barrier at $5000 and activating a trigger to higher levels which – including a surge to $9000.
In the mid-term, indicators reflect high volatility, a wide trading area with a bouncing zone below $4000, and strong bullish pressure near $4800. If that bullish consensus confirms, trading could be driven to the new trigger level at $5500 .

Short-Term Analysis

bitcoin price technical analysis

A trading area can be analyzed between $4000 and $5000, which allows a lateral zig zag market to consolidate the present price level. This activity would increase bullish consensus before the next advance of the 5th wave of Elliott´s Theory that drives the bitcoin price past the $5000 psychological barrier.

In the short-term, such a bullish development could survive a significant bout of profit taking and the market would still reflect a rising consensus to the upside. From there, new traders entering the market would bolster that bullish consensus, preparing the markets for a continued rally.

What do you think will happen to the bitcoin price? share your predictions in the comments below.

Image via IMF Blog. Price charts courtesy of BitKan. 

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

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