Bitcoin price after the fresh sell-off is still hovering around the same region exhibiting very little volatility. The price is still experiencing a loss of nearly 6% from the last trading day and it’s attempting to make every possible move to jump above the resistance. Yet the most dominant asset may reach the skies en-routing through the lower levels just above $50K.
The BTC price ever since the trend reversal since July-mid is ranging high that includes multiple pumps & dumps. Despite the narrow trend, yet the asset is following a notable uptrend. Observing the price movement, Bitcoin appears to have followed the Elliot wave pattern and is at the foothill of the 5th and the final wave. And hence a popular analyst believes the 5th wave could accumulate gains of more than 70% to hit levels above $90K.
As per the analyst, the BTC price ranges high nearly 75% and later corrects on an average 25% for each wave. The correction of the 4th wave also appears to have near the lower tip of the wave. And hence the analysts hope the beginning of the 5th wave is approaching very fast which may uplift the price closer to the target of $100K.
On the other hand, due to the fresh plunge and sideway trend, the analyst who were pretty confident of Bitcoin price hitting $100K, currently appear to be uncertain. Lark Davis, who believed in the $100K target till now is pretty unsure and hence asked his 700K followers whether BTC price will hit $135K by December. To that another popular analyst, Micheal de van Poppe answered “NO”.
However, Poppe believes the crucial target to flip the narrow trend and resume the bull run beyond $60K lies around $56K. Else if the BTC price maintains the current trend and fails to break the $56K barrier then the bottom levels at $48K-$50K may be fast approaching.
Original Source :coinpedia.org
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