Bitcoin’s price remains flat amid a market correction, failing to break the $100,000 resistance. Analysts present contrasting forecasts based on the Elliott Wave Theory, with a focus on the $96,600 resistance. Currently trading at $94,790, Bitcoin must surpass this level to restore bullish sentiment, despite lingering bearish pressures.

Over the past week, Bitcoin has failed to show any overall gain, remaining mired in a market correction phase. Despite various attempts to ascend beyond the $100,000 resistance level, Bitcoin’s performance in December has deviated from earlier optimistic projections. Market analysts are actively discussing Bitcoin’s potential price trajectory while interpreting technical signals. According to a recent post by the crypto analytical account More Crypto Online, the Elliott Wave Theory has been employed to outline two contrasting forecasts: one suggesting Bitcoin has reached a local peak and another indicating that this peak has yet to materialize. Under the Elliott Wave framework, which posits that financial markets move according to repetitive cycles known as waves, the white scenario argues that Bitcoin completed its B-wave on December 26, leading into a C-wave which could decline into the $80,000 range. Conversely, the yellow scenario suggests the B-wave is still unfolding, requiring a breakthrough above $96,673 for confirmation of ongoing upward momentum. Without this breakout, the white scenario remains the prevailing expectation.

At present, Bitcoin’s trading value is $94,790, reflecting a 1.04% decline within the last 24 hours and a total drop of 2.00% over the week. The daily trading volume has risen to $52.24 billion, up by 10.35%. Market analysts emphasize that surpassing the critical $96,600 mark is essential for bullish prospects, notwithstanding apprehensions regarding the robust $100,000 resistance. Optimism persists within the Bitcoin community, particularly with the upcoming inauguration of President-elect Donald Trump, anticipating ensuing pro-cryptocurrency policies that may catalyze market activity.

The current landscape of Bitcoin’s market status is characterized by a notable correction period, captivating analysts and traders alike. The cryptocurrency’s price performance has faced significant challenges, especially in the crucial transition month of December following earlier bullish sentiments. The Elliott Wave Theory serves as a central framework in technical analysis, warranting attention as it provides insights into the cyclical patterns of price movements. This theory has birthed contrasting speculative scenarios among analysts within the cryptocurrency space, rendering it a focal point for market predictions and behavior assessments.

To summarize, Bitcoin’s price remains in a precarious correction, struggling to exceed critical resistance levels, specifically the $100,000 mark. Analysts are employing the Elliott Wave Theory to construct divergent forecasts about Bitcoin’s future trajectory, highlighting the importance of breaking through the $96,600 region to affirm bullish sentiments. Present market conditions reflect reduced optimism as Bitcoin trades below anticipated benchmarks, necessitating close observation from investors.

Original Source: www.newsbtc.com

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