Bitcoin’s price saw no overall augment over the past week as the top cryptocurrency continued to undergo a market correction. Despite multiple upward moves, Bitcoin struggled to break the resistance at the $100,000 level, and its prices in December continued to deviate from previous bullish predictions. Due to this development, market analysts continue to make predictions regarding Bitcoin’s potential price movement.

Is Bitcoin price at its highest?

IN post X On December 27, More Crypto Online’s cryptocurrency technical analysis service shared an intriguing forecast regarding Bitcoin in its current recovery state. Using Elliott wave theory, market analysts have prepared two opposing forecasts for the BTC market, called yellow and white scenarios.

For context, Elliott wave theory is a form of technical analysis based on the belief that the financial market moves in repeating fractal patterns called waves, which can be used to predict future price movements. Since Bitcoin is currently in a corrective structure, i.e. moving against the bullish market trend, the white scenario assumes that Bitcoin has completed wave B, in which it recorded a local price peak on December 26.

Currently, the top cryptocurrency is riding a C wave, heading towards a potential price target in the mid-to-low $80,000 price zone. The original support zone to counter this bearish move is around $95,068-$96,670. However, as Bitcoin makes up-to-date lows, these resistance areas will be recalibrated.

On the other hand, the yellow scenario shows that wave B, which ends in the white scenario, is still developing within a larger corrective structure in which no price peak has been recorded yet. However, for this yellow scenario to come to fruition, BTC must break above $96,673, signaling that the upward move is still ongoing. Therefore, as long as this price zone remains unbroken, the white scenario will remain 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 last 24 hours. Meanwhile, daily trading volume increased by 10.35% to reach $52.24 billion. After a week of almost balanced gains and losses, the leading cryptocurrency fell by 2.00% and its monthly performance also fell to negative territory.

For market bulls, crossing the $96,600 level remains an immediate task based on the Elliott wave theory, however, a grave resistance awaits us at the $100,000 level, which has recently proven to be an effective resistance. Overall, optimism in the Bitcoin market remains high, especially with the upcoming inauguration of US President-elect Donald Trump, which is expected to herald a up-to-date era of pro-crypto politics.