Thursday, December 1, 2022

China Who? Nothing Can Stop the Bitcoin Price from Hitting $9000 Soon

China Who? Nothing Can Stop the Bitcoin Price from Hitting $9000 Soon

It looks like the bitcoin price is back on track. After undergoing a correction, technical indicators show the digital currency pushing through the negative news and embarking on a rally to $5,500.

Also read: The Pirate Bay Is Secretly Mining Monero With Users’ Computing Power

Bitcoin Price Technical Analysis

Long-Term Analysis

bitcoin price

With plenty of volatility the markets ended the 4th wave of Elliott´s Theory, taking the bitcoin price below the $3,800 support. Now, that price point serves as resistance and, if broken, a signal that the 5th Elliot Wave has started.

If that resistance is broken, the next technical objective appears to be $5,500, where another zig-zag, “ABC” phase is expected. During this period, the markets will bring in new investors, which will ultimately trigger a long-term rally to $9,000 by the end of 2017.

Mid-Term Analysis

bitcoin price

Elliot Wave Theory reflects a completed, second successive mini-movement. This action involves the end of the construction of a major 3rd and 4th waves that drove prices from $650 in April 2017 to the present level.

This allowed the start a new, third mini-complete movement to build the 5th wave over $5,500, where a lateral market would take place and send the trading action far higher — near $9,000 according to developing theories.

Short-Term Analysis

bitcoin price

Continuing the same rise initiated in July, the current accumulation area could break to the up side towards the $3,800 resistance in a fast zig-zag rally, which could drive the bitcoin price to a higher level.

According to indicators, volatility is rising quickly, and $4,300 can be evaluated as the first technical goal in the short-term. Even with negative news and bullish fundamentals, technical data shows the price rising anyway, stabilizing near $5,500.

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

Image via Wikimedia Commons

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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