Bitcoin has another positive week as it rallies close to $9000. The following 21-23 April Bitcoin price prediction looks at BTCUSD technical forecast for the coming days based on Elliott wave theory.
21 April, AtoZMarkets - This week is also ending positive for the Cryptos. The strong bullish run started last week. In the last two weeks, BTC has gained 35% from $6500 to $8800. Will price hit $9000 before the end of today to cap a much positive week? The same rally is seen across other majors - LTC, XRP, ETH. Will this bullish run be sustained for many weeks for total market recovery?
Since the rally started last week, we have monitored its progress with Elliott wave theory. It's not a flawless technical market forecasting methodology but its accuracy is amazing and sufficient. The rally from the last low is still developing into an impulse wave. Impulse waves are five non-overlapping waves or swings in a particular direction usually followed by a 3-wave correction. This pattern is developing quite interestingly on BTC and other majors.
In the last update, it was noticed that the impulse wave had completed the 4th wave and we expected price to rally further. The chart below was used.
BTCUSD Elliott wave analysis, M30
Just like we had in the Ripple latest forecast, BTC is expected to rally further to complete an emerging impulse wave. There is a high likelihood of price hitting $8600 or $9000 in the coming days. At the end of the impulse wave, we can expect a bearish correction to start and that might give another opportunity for buyers when it completes.
Price did rally afterward to continue the bullish run and currently at $8800 which lies within our projected zone. The chart below shows how the wave has developed since the last update.
21-23 April Bitcoin price prediction: what next?
BTCUSD Elliott wave analysis, M30 (click to zoom)
Price is completing the 5th wave and we might see a 3- wave drop in the coming days. The drop could get to $7000-$7500 or maybe shallower. The bullish move is highly likely to continue after this drop. This could be another opportunity to join the next rally. Stay tuned for the next update.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
Don’t forget to share this analysis with people that matter to you.