Bitcoin (BTC) Could Face Another Dip — But It’s Not the End of the Rally

• Bitcoin (BTC) has created two weekly indecision candles.
• The price still trades above the $104,500 horizontal area.
• Will BTC move to new highs, or is another drop likely?

Bitcoin’s movement since May 22 all-time high has been inconsistent. While BTC has maintained the $104,500 support area, it risks deviating below it.

Bitcoin rallied on June 16, but the price fell today after U.S. President Donald Trump warned Iranian citizens to evacuate Tehran.

Let’s look at the Bitcoin price movement and attempt to determine what comes next.

Weekly BTC Price Analysis

Bitcoin’s price has fallen since its all-time high of $111,980 on May 22.

Next week, it broke its seven successive bullish weekly candlestick streak by creating a bearish one.

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Since then, it has shown indecision, creating bullish (green) and bearish (red icon) doji candles.

Nevertheless, the BTC price trades above the $104,500 horizontal area, the previous all-time high resistance.

Technical indicators echo the price action’s indecision. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have generated bearish divergences.

However, the indicators are still in positive territory. So, the weekly time frame BTC analysis gives an unclear price prediction.

What’s Next for Bitcoin?

While the weekly outlook is indecisive, the daily chart suggests that Bitcoin completed a five-wave upward movement starting on April 7.

The increase ended with the all-time high price of May 22. Since then, Bitcoin’s price has fallen in what could be an A-B-C correction (red).

Based on the shape of the decline, the Bitcoin price is currently in wave C, which could end near the $92,900 – $93,300 level.

However, based on the wave count, this is the most bearish possibility, and two more counts are still valid.

The bullish (green) and neutral (yellow) counts still suggest Bitcoin is in the final leg of its corrective movement, though the shape of the correction differs.

The bullish count presents a flat correction, in which the price will reach a new all-time high in a corrective wave before falling.

In this possibility, the BTC price will not fall below its June 5 low of $100,520.

The neutral count (yellow) instead suggests the BTC price is completing the B wave inside of a symmetrical triangle.

The Bitcoin price will consolidate for some time in this count before falling to the 0.382 Fibonacci retracement support level at $97,731.

In all cases, Bitcoin’s decline is not impulsive, and the upward trend will likely resume after the correction ends.

Correction Nearly Over

The price of Bitcoin has fallen since its all-time high of $111,980 on May 22. After a relief rally on June 5, BTC resumed its downward movement.

While another low seems likely, the Bitcoin price is likely in the final wave of its correction. Afterward, it is likely to increase to a new all-time high.