Bitcoin price prediction and analysis 2023 : BTCUSD trumbles below $30000

Bitcoin price prediction and analysis Using Elliott Wave Charts

Today, we will be delving into technical analysis by examining the Elliott Wave charts of Bitcoin (BTCUSD) as of July 25, 2023, with the current price hovering around $29,300. we will delve into the recent price action on the Daily chart and utilize Elliott Wave analysis for Bitcoin price prediction for 2023.

Bitcoin Price Prediction 2023

Bitcoin’s Historical Performance

Before we proceed with the Elliott Wave analysis, let’s take a quick look at Bitcoin’s past performance. On November 10, 2021, Bitcoin reached an all-time high of $69,080.70. Following this peak, the market witnessed the completion of five impulse waves (1-2-3-4-5), which then led to the beginning of a corrective ABC wave.

Bitcoin Price Prediction by Analyzing Wave A and Wave B

Wave A, a part of the corrective phase, was completed from $69,080.70 down to $15,479 on November 21, 2022. Subsequently, wave B commenced, and as per our analysis, we anticipate it to correct at least up to the 38% Fibonacci retracement level near $35,800 or the 61.8% Fibonacci retracement level at $48,700. Presently, we are witnessing sub wave B moving in the form of sub waves w-x-y-x-z. Sub waves w-x-y were already completed at $31,875. Notably, sub wave w is equivalent in length to sub wave y.

Bitcoin Price Prediction for Sub Wave X

BTCUSD 25 JULY 20223

Currently, Bitcoin is undergoing a correction for sub wave x. The expected Fibonacci retracement levels for this correction are 38%, which comes near $27,300, and 61.8%, which aligns with $24,400. It is likely that we will see support forming around these levels before sub wave z initiates the final upward movement towards $35,800.

Bitcoin Future Prospects and Wave C

Once wave B is fully completed, we can anticipate a larger correction for Bitcoin with wave C. This is an essential aspect to watch for, as it will influence trading strategies going forward.

Bitcoin Technical Indicators

Taking into account the current day timeframe, Bitcoin encountered resistance within the zone of $30,000 to $31,800. Additionally, both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) have crossed downwards and moved below the 50% mark.

Bitcoin Trading Strategy

Given the technical analysis and chart pattern, a prudent trading strategy would be to “sell on rise” near the important resistance zone or the Fibonacci levels mentioned earlier.

In conclusion, understanding the Elliott Wave charts can provide valuable insights into Bitcoin’s price movements. However, as with any form of technical analysis, it is essential to remain vigilant and combine multiple indicators to make well-informed trading decisions.

Bitcoin: An Overview

Bitcoin, a digital cryptocurrency introduced in 2009 by an anonymous entity known as Satoshi Nakamoto, operates on a decentralized peer-to-peer network, devoid of any central authority or government control.

Limited Supply: The Scarcity Factor

One of Bitcoin’s key distinguishing factors is its limited supply. With a maximum cap of 21 million bitcoins, the cryptocurrency is designed to be deflationary, drawing parallels with precious metals like gold.

Decentralized Transactions: Cutting Out Intermediaries

Bitcoin enables direct transactions between users, eliminating the need for intermediaries such as banks. Once a payment is made, it becomes irreversible and cannot be canceled, adding to the security of the system.

Use Cases: Beyond Borders and Online Purchases

The versatility of Bitcoin makes it appealing for various use cases, particularly in international remittances where traditional banking systems may be slow and expensive. Additionally, it has gained popularity as a secure and efficient payment method for online purchases.

Price Volatility: A Double-Edged Sword

Over the years, Bitcoin has experienced substantial price volatility, resulting in rapid surges and sharp declines in its value. This volatility has attracted investors, traders, and speculators eager to capitalize on its fluctuations.

Blockchain Revolution: Beyond Bitcoin

Bitcoin’s underlying technology, the blockchain, has served as a catalyst for the development of numerous cryptocurrencies and decentralized applications (DApps) across various industries.

Criticism and Concerns

Bitcoin has not been immune to criticism. Concerns have been raised about its energy consumption, use in illicit activities, and the absence of regulatory oversight.

Regulation and Integration

As Bitcoin’s popularity grows, governments and financial institutions worldwide are actively exploring ways to regulate and integrate cryptocurrencies into existing financial systems.

The Future of Bitcoin

As a prominent and influential player in the world of cryptocurrencies, Bitcoin continues to shape the global financial landscape. With the cryptocurrency space maturing, discussions about the future of Bitcoin remain a subject of significant interest and debate among enthusiasts, investors, and policymakers.

In conclusion, Bitcoin has revolutionized the concept of digital currencies, paving the way for a decentralized financial future. Its scarcity, decentralized nature, and various use cases have contributed to its widespread adoption. However, challenges, such as price volatility and regulatory concerns, must be addressed as the cryptocurrency ecosystem continues to evolve. As we move forward, the future of Bitcoin will undoubtedly remain a focal point for the financial world.

You may like to read Gold Price Analysis 2023 : XAUUSD Price Movements and Wave Projections

Happy trading!

(Note: The information provided in this article is based on technical analysis and historical price data. It is not financial advice, and readers should conduct their research and seek professional advice before making any investment decisions.)

3 thoughts on “Bitcoin price prediction and analysis 2023 : BTCUSD trumbles below $30000”

Leave a comment