Next week, it broke its seven successive bullish weekly candlestick streak by creating a bearish one.
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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).
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 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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
