World Crypto Global Official Site | elliot wave theory

Author: Scott Matherson

Is The XRP Price Mirroring The 2017 Rally? Analyst Points Out Similarities

Crypto analyst Galaxy has drawn similarities between the current XRP price action and the 2017 bull run, when the altcoin recorded significant gains. He predicts the altcoin could soon rally to double digits, mirroring the 2017 rally. XRP Price To Rally To Double Digits As It Mirrors 2017 Rally In an X post, Galaxy indicated that the XRP price could rally to double digits as it mirrors the 2017 rally. He stated that XRP is almost perfectly following the breakout pattern of 2017 after 6 years of consolidation. The analyst added that the longer the consolidation, the bigger the price move. Related Reading: XRP Reaching Oversold Levels As Net Flows Turn Negative, Whats Next? His accompanying chart showed that the XRP price could rally to almost $40 on this breakout. The analyst seems convinced that the altcoin could witness such a parabolic move, considering that XRP surged by 61,000% in 280 days in 2017. The chart also showed that the altcoin will likely reach this target sometime next year. Crypto analyst Egrag Crypto has also stated that he expects the XRP price to reach between $27 and $33 in this market cycle. He believes that a repeat of the 2017 historical performance makes these price targets achievable for the altcoin. The analyst has also alluded to factors such as the XRP ETFs and Ripples expansion as factors that could drive this price surge. Meanwhile, crypto veteran Raoul Pal also affirmed that the XRP price has enough room to rally to the upside from its current level. He highlighted a bull flag that had formed for the altcoin, following its consolidation phase after last years rally. The veteran expects XRP to witness a bullish continuation after this consolidation phase, possibly rallying to as high as $5. This would mark a new all-time high (ATH) for the token. The Altcoin In A Bullish Phase Crypto analyst CobraVanguard asserted that the XRP price is in a bullish phase, while highlighting a falling wedge pattern that was forming for the altcoin. He remarked that this pattern indicates the altcoins potential to reach $3. However, the analyst warned that this setup could be invalidated if the wedge pattern is broken downwards with the strength of bearish candles. Related Reading: XRP Price Explosion To $5.9: Current Consolidation Wont Stop XRP From Growing Meanwhile, crypto analyst Dark Defender noted that the XRP price is currently in Wave B of its Wave 2 corrective move. He predicts that the altcoin could rally to its current all-time high once the B and C waves are completed in this corrective wave. The analyst is also confident that the altcoin can rally to double digits in the long term. He once predicted that the altcoin could reach $18 based on his Elliott Wave Theory analysis. At the time of writing, the XRP price is trading at around $2.38, up in the last 24 hours, according to data from CoinMarketCap. Featured image from iStock, chart from Tradingview.com

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Cardano Market Structure Says Crash Is Coming, But $0.9 Is Still In The Cards

Author: Scott Matherson

United Kingdom

Source: NewsBTC

May 18, 2025 12:05

Cardano Market Structure Says Crash Is Coming, But $0.9 Is Still In The Cards

Cardano (ADA) is flashing mixed signals as its market structure hints at an imminent short-term price crash. While bearish indicators suggest a possible decline, a crypto analyst reveals that the broader trend remains intact, with technical patterns supporting the potential for a rally toward the $0.9 mark. Cardano Price Crash Incoming TradingView Crypto analyst SiDec has released a bearish price forecast for Cardano, anticipating a significant correction toward the $0.75 area in the coming days. This cautious outlook is based on detailed analysis using Elliott Wave Theory, Fibonacci tools, and critical price action zones. Related Reading: Crypto Analyst Releases Next Potential Targets For Cardano, Is $1 ADA Still Possible? SiDec has stated that ADAs price continues to consolidate after completing a 5-wave impulse move, signaling the end of its upward momentum. Following this strong impulse rally, the cryptocurrency is now exhibiting a classic Elliott Wave behavior, transitioning into a textbook ABC corrective pattern. The cryptocurrency first experienced a pull-back, labeled as Wave A on the price chart, followed by a temporary recovery in Wave B. According to SiDec, Wave C is expected to complete the retracement pattern, with ADAs final downward move nearing its end. Currently, technical indicators and price action point to the $0.705 region as a high-probability long entry zone. The TradingView analyst also clarifies where ADA might find solid support during this corrective phase using Fibonacci Retracement zones. The 50% retracement level of the entire bullish 5-wave impulse is positioned approximately at $0.7534 a critical price point that coincides closely with ADAs previous price swing at $0.746. This former resistance level has yet to be revisited, making it a natural support candidate. The analysis further identifies a 1:1 ABC extension for the anticipated correction in ADA, placing Wave Cs potential crash target around $0.7492. This also creates a tight cluster of technical indicators in the range of roughly $0.75, indicating a strong support zone. Further supporting this level, the daily 21 Exponential Moving Average (EMA) stands at $0.7455, while the daily 21 Simple Moving Average (SMA) is slightly lower at $0.7347. SiDec has also identified the Point of Control (POC), which marks the price with the highest volume, near $0.7318. The analyst further highlights that Cardanos anchored Volume Weighted Average Price (VWAP) resides within the $0.75 support zone. At the same time, the Pitchfork tools golden pocket aligns dynamically as support around the same area. ADA Price Path To $0.92 Holds Firm While SiDec eyes a potential crash to new lows for ADA in the near term, the analysts chart also shows a green zone, with a projected bullish bounce drawn. Following its Wave C crash, Cardano is expected to rebound and approach the $0.92 level. Related Reading: Cardano Price Set For 300% Explosion With Major Bullish Impulse The TradingView analyst has advised caution around this area, as $0.92 acts as a significant resistance zone and coincides with a prior liquidity zone that could trigger rejection or profit-taking. SiDec has emphasized that the risk-to-reward ratio around this area will only become favorable once there is clear confirmation, such as an SFP, a bearish engulfing candle, or visible divergence. Overall, if the $0.75 support zone holds, Cardano, which is currently trading at $0.78, could be positioned for a strong recovery toward $0.92 and beyond. Featured image from Unsplash, chart from Tradingview.com

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XRP Price Prediction: $36 Is In The Cards As 3-Month Timeframe Turns Bullish?

Author: Scott Matherson

United Kingdom

Source: NewsBTC

May 15, 2025 12:05

XRP Price Prediction: $36 Is In The Cards As 3-Month Timeframe Turns Bullish?

Market sentiment around the XRP price is flipping bullish as technical indicators and recent chart movements suggest a promising upward trajectory over the next three months. With momentum building, a crypto analyst is now eyeing a potential rally that could push XRP as high as $36. According to a new prediction posted by crypto analyst Dark Defender on X (formerly Twitter), the XRP price is gearing up for a potentially explosive surge to $36. XRP Price Forecasted To Reach $36 The chart analysis shows that XRP has broken through a crucial three-month resistance trendline that has capped its price action since its 2018 peak. This breakout signals a powerful shift in market structure, indicating that the long-standing bearish trend may be over. Related Reading: XRP Price Repeating History? 2017-Like Rally To Send Price To $10 Dark Defenders three-month candlestick chart applies the Elliott Wave Theory, mapping out a five-wave bullish structure. The analysis shows that Waves 1 and 2 have already played out, and XRP now appears to be entering Wave 3, which is typically seen as the strongest and longest wave. If this Wave 3 pattern holds, XRP could be on the verge of its most powerful rally yet. According to Dark Defender, the upside target could reach as high as $36.76, representing a staggering 423.6% increase. Before XRP reaches this projected price level, Dark Defender has forecasted shortto long-term bullish targets for the cryptocurrency. In the short term, XRP could reach $3.33, with a mid-term goal of $5.85. Additional milestones along the way include key percentage gain levels that may act as interim resistance zones. A 161.8% gain points to a potential price of around $13.81, while a 261.8% surge suggests a move toward $18.96. If momentum continues, the token could push further to $26.87, aligning with a 361.8% increase. On the downside, support levels at $2.3620 and $2.222 are expected to act as strongholds in case of any retracement before continuation. Moving forward, Dark Defender has doubled down on his bullish stance on XRPs future outlook, referencing a tweet dated March 17 that boldly declared, XRP is extremely bullish. Clear Path Ahead For The Altcoin As Resistance Thins Out In an X post released on May 13, Ali Martinez, a prominent crypto analyst, disclosed that on-chain data from Glassnode shows a clear bullish path for XRP, with no signs of major resistance clusters ahead. The analysis based on the UTXO Realized Price Distribution (URPD) indicates that a significant portion of XRP tokens were last moved at lower price levels. Related Reading: XRP Price Macro Channel Breakout That Puts Targets At $17-$55 The chart also highlights a significant support zone at $2.38, where nearly 1.85 billion XRP, amounting to 2.92% of its supply, were last transacted. This concentration of holders could serve as a psychological and technical support level if the market pulls back. Moreover, the absence of large token holdings at higher price ranges suggests that the price could experience a smoother ascent, unburdened by major resistance from profit-takers. Featured image from Getty Images, chart from Tradingview.com

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XRP Price To Rally To $6: Partially Completed Wave 5 Says Theres Still Room To Run

Author: Scott Matherson

United Kingdom

Source: NewsBTC

May 11, 2025 12:10

XRP Price To Rally To $6: Partially Completed Wave 5 Says Theres Still Room To Run

Bulls appear to be regaining control over the market again as the XRP price gears up for a potential rally to $6. According to a crypto analyst, this forecast is rooted in the Elliott Wave Theory, which indicates that Wave 5, which is the final and usually the most explosive leg up, is getting ready to run. Elliott Wave 5 Signals XRP Price Explosion In one of his latest Elliott Wave analyses, X (formerly Twitter) crypto expert Dark Defender forecasts a powerful rally for the XRP price, suggesting that the third-largest cryptocurrency could skyrocket to $6 soon. According to the analysis, XRP has been moving in a predictable wave structure since February 2025, and recent price action confirms the partial completion of the monthly Wave 5 bull pattern. Related Reading: XRP Price At $9 In September: Gann Angle Resistance Grid Predicts Surge The chart shows that since February, XRP has been following what Dark Defender refers to as the green path, aligning with the expected trajectory of the Monthly Wave 4. This wave has recently concluded after unfolding into five smaller sub-waves, highlighting a precise and structured technical behavior. The fourth sub-wave peaked at around $2.36, a level previously identified as a key confirmation point. As predicted, the XRP price bounced off this level before retracing to $2.07, forming the final leg of sub-wave 5 of the monthly Wave 4. XRPs current bullish setup reveals that the monthly Wave 5 is now in its early stages, with the drop to $2.07 possibly marking the bottom of the corrective structure. Dark Defender emphasizes that while Wave 5 has already begun, the larger upward move still awaits full confirmation, indicating that there may be significant room left for XRP to rally. Technical projections place the potential upside target of this Wave 5 near $6.85, representing a sharp bullish breakout if market momentum aligns with the expectations of the wave structure. Analyst Says The Real Bull Rally Is About To Begin The XRP price is approaching a major technical breakout, as crypto analyst CW highlights the emergence of a classic bull flag pattern. After experiencing months of consolidation, the analyst suggests that the next explosive leg in XRPs price action may be around the corner. Related Reading: XRP Price Still On Bullish Path To $5 As Long As This Level Holds The daily chart reveals a clear bull flag structure, formed after XRPs powerful rally in 2024 when its price jumped from $0.5 to over $2. This aggressive and unexpected move created the flagpole, followed by a multi-month period of consolidation, forming the descending flag pattern. Now, XRP is testing the upper boundary of the bull flag, trading just above $2.36 at the time of the analysis. A decisive breakout and close above the resistance trendline could trigger a fresh wave of bullish momentum. According to CW, this breakout would mark the beginning of a true bull rally for XRP. Featured image from Pixabay, chart from Tradingview.com

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Bitcoin Price Prediction: The Last Leg-Up That Confirms A Resounding Rally To $150,000

Author: Scott Matherson

United Kingdom

Source: NewsBTC

Apr 26, 2025 12:05

Bitcoin Price Prediction: The Last Leg-Up That Confirms A Resounding Rally To $150,000

A new Bitcoin price prediction suggests that the flagship cryptocurrency needs just one more leg up to kickstart a powerful bullish move toward $150,000 and beyond. With Bitcoin getting ready to once again hit new all-time highs, technical formations suggest that this projected rally could be the final confirmation of a long-term breakout. Bitcoin Price Roadmap To $150,000 ATH A new Bitcoin price analysis released by market expert CrediBull Crypto on X (formerly Twitter) predicts that BTC is gearing up for a massive surge to $150,000. The analyst shared a Bitcoin price chart, using Elliott Wave theory on the lower time frames to break down the roadmap to this new all-time high target. Related Reading: Bitcoin Price Bullish Confirmation: What Needs To Happen For Next Leg Up To $130,000 Bitcoin is currently forming a 5-wave impulse move on the lower timeframe. The recent price action suggests that it has completed sub-waves i, ii, iii, iv, and v, collectively forming what appears to be Wave 1. Following this, the cryptocurrency experienced a collective pullback in Wave 2, which acted as support and now serves as a launchpad for the next major leg in Wave 3the longest and most explosive wave in an impulse sequence. If the next wave completes to the upside, it would strongly suggest that Bitcoin is not in a corrective pattern but rather an impulsive trend that could take it to a six-figure valuation once again. CrediBull Crypto has highlighted $89,000 as a critical level for Bitcoin. He suggested that if the cryptocurrency drops below this price zone before pushing higher, the Elliott Wave structure would likely morph into a 3-legged corrective pattern rather than a 5-wave impulse. This move would imply that the projected rally is not the start of a macro breakout, and the market may have to wait longer for a confirmation. On the other hand, holding above $89,000 and printing a higher high would complete the anticipated final leg up, validating the start of the large Wave 3 on higher time frames. This bullish scenario would support a strong accumulation strategy, where price declines could become opportunities to buy as Bitcoin targets $150,000 or more. MVRV Golden Cross Signals BTC Bull Rally Bitcoins Market Value to Realized Value (MVRV) ratio has formed a Golden Cross with its 365-day Simple Moving Average (SMA), according to fresh data shared by crypto analyst Ali Martínez. The analyst has shared an optimistic outlook for Bitcoin, highlighting that this technical event could spark the next BTC bull rally. Related Reading: Bitcoin Price Following Analysts Prediction For Bullish Breakout, Heres The Target The Bitcoin chart, published via CryptoQuant, highlights the MVRV ratio surging above the long-term Moving Average. A rising MVRV ratio typically suggests that BTC holders are once again in profit, and sentiment is shifting from bearish to bullish. The last time this crossover occurred, Bitcoin saw a multi-month rally that pushed its price to new all-time highs. Featured image from Pixabay, chart from Tradingview.com

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Crypto Pundit Says Bears Will Continue To Dominate Ethereum Price, Heres For How Long

Author: Scott Matherson

United Kingdom

Source: NewsBTC

Mar 20, 2025 12:05

Crypto Pundit Says Bears Will Continue To Dominate Ethereum Price, Heres For How Long

Ethereums price has now found itself stuck below $2,000 in the past seven days, and it looks like it will continue here into the next few days with little sign of a significant recovery. The second-largest cryptocurrency by market capitalization has struggled under downward pressure since early March, with sellers dominating the wider crypto market. Interestingly, recent technical analysis using Elliott Wave theory suggests that bearish dominance will continue for Ethereum into the foreseeable future. The analysis, posted on TradingView, highlights the formation of an ABC correction pattern, which could dictate Ethereums next major move. Ethereums Price Structure Points To Extended Correction According to a crypto analyst known as behdark on the TradingView platform, Ethereum’s recent pivot formations, momentum shifts, and wave degrees all indicate an ongoing correction. This interesting outlook is based on the analyst’s count of Elliott Wave, which shows Ethereum appears to be forming an ABC correction pattern. Related Reading: Ethereum Price Maintains Movement Inside Ascending Triangle, Is Another Crash Coming? This ABC correction pattern has been playing out since November 2021 and has spanned the last three and half years. The ABC corrective trend is a three-wave pattern in the Elliott Wave Theory of major correction. Wave A represents the initial decline, wave B is a temporary retracement or countertrend move, and wave C is the final downward leg, often extending beyond wave A. It would seem wave B, the second wave in the correction pattern, is now completed or nearing completion after Ethereum broke below a trendline around $2,500 in late February. This means that wave C is set to play out, which is going to extend the current bearish trend. The analyst noted that wave C should be a little bit longer in duration than wave A, hinting at a drawn-out decline to a big demand zone between $760 and $530. Two Demand Zones Identified For ETH The analyst outlined two possible market bottoms for Ethereum, referred to as “Demand 1” and “Demand 2.” The first demand zone is between $1,350 and $1,080, and this is where Ethereum might see some buying pressure that will help put an end to the continuation of wave C. Related Reading: Ethereum Is Not Dead: Broadening Wedge Suggests Another Leg-Up Is Coming However, if the first demand zone fails to hold, the Ethereum price may experience an even deeper correction before finding stability. The next zone of stability, in this case, is between $760 and $530. A move to this level will no doubt send the sentiment surrounding Ethereum to an all-time low. However, it can also provide an opportunity for bullish traders to accumulate, as the next move after this zone is the beginning of the next five impulse waves. Deviating from the negative outlook, the analyst pointed out an invalidation level at $2,941. If Ethereum manages to close a daily candle above this level, the bearish scenario would be nullified. At the time of writing, Ethereum is trading at $1,930. Given the current structure of price action, the likelihood of Ethereum breaking above $2,941 in the short term appears slim. Featured image from Unsplash, chart from Tradingview.com

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Ethereum, Dogecoin Lead Large Cap Losses As Bitcoin Moves Into Bear Market Territory

Author: Scott Matherson

United Kingdom

Source: NewsBTC

Mar 12, 2025 12:05

Ethereum, Dogecoin Lead Large Cap Losses As Bitcoin Moves Into Bear Market Territory

The cryptocurrency market is facing a seemingly never-ending decline, with Ethereum (ETH) and Dogecoin (DOGE) leading the losses among large-cap digital assets. This correction comes as the broader market sentiment turns bearish and cautious while Bitcoin (BTC) experiences persistent volatility and moves into bear market territory. Ethereum And Dogecoin Market Cap Takes A Hit Ethereum, the second-largest cryptocurrency by market capitalization, has recorded a significant drop in its market cap in the last 24 hours. While the price of Ethereum has declined to $1,910, its market cap has also gone down approximately 7.8%. Related Reading: Heres Why Bitcoin, Ethereum, And The Entire Crypto Market Is Crashing Today A combination of factors has contributed to this unfortunate drop in valuation, including investor caution ahead of key economic reports and ongoing bearish sentiments. While Ethereums trading volume seems to be the only metric in the green, jumping by 80%, liquidations persist as traders exit their positions ahead of further losses. On a similar note, Dogecoin, the number one meme coin, has experienced steep losses in both its value and market cap. Despite its 30.5% increase in trading volume, Dogecoins market cap has fallen by 6.6%. This decline follows a recent surge in meme-based cryptocurrencies earlier this year, which appears to be losing momentum. As of writing, the Dogecoin price is trading at $0.16, reflecting a deep correction of 16.8% in the last seven days and a massive 37% crash over the past month. Notably, the decline in Dogecoin and Ethereums market cap is the highest in the last 24 hours, with coins in the top 10 experiencing a less than 2% drop. This massive drop in both cryptocurrencies comes as analysts confirm that Bitcoin has entered bear market territory. Bitcoin And Altcoins Enter Bear Market According to crypto analyst Tony Severino, Bitcoin may have entered bear market territory as the pioneer cryptocurrency faces decreasing momentum. Severinos analysis applies the Elliott Wave Theory, which claims that the bear market for altcoins started in 2022, coinciding with Bitcoins Wave 5. Related Reading: Bitcoin, Ethereum, And Solana: Real Visions Raoul Pal Calls The Greatest Macro Trade Of All Time During this period, the market saw a rise in interest rates and Quantitative Tightening (QT), where central banks reduced liquidity in financial markets. Since altcoins thrive when there is excess liquidity, economic tightening has led to weak performance for these digital currencies. Severino argues that Bitcoins Wave 5 lacked the usual strength of a true bull market top. Based on the Elliott Wave Theory, the fifth wave has always been weaker than the third in terms of price speed, volume, and breadth. The analyst also referenced a textbook that explains that Wave 5 tends to be sideways and weak, often preceding the bear market as it indicates waning momentum. The overall conclusion of Severinos analysis is that the altcoin bear market, which began more than three years ago, has never really ended since economic conditions havent returned to what they were before 2022. Featured image from Unsplash, chart from Tradingview.com

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Bitcoins Bullish Case Hinges On $94,645 Support: Will Buyers Step In?

Author: Semilore Faleti

United Kingdom

Source: NewsBTC

Feb 23, 2025 12:10

Bitcoins Bullish Case Hinges On $94,645 Support: Will Buyers Step In?

The Bitcoin market continued to struggle in February marked by a high level of investor uncertainty. Over the last trading week, BTC declined by 2.24%, bringing its total value loss over the past 30 days to around 8.59%. Amidst this indecisive market, digital asset analysis X page More Crypto Online has shared some valuable insights on potential short-term price movements. Related Reading: Bitcoin 4-Year CAGR Drops To 14.45% But Still Outshines Gold, Stocks Details Bitcoin Fails To Move Above Feb. 14 High Market Bulls In Trouble? In an X post on February 21, More Crypto Online provided an interesting outlook on the Bitcoin market structure. In the past week, the premier cryptocurrency notably experienced some rise price gains leading to a temporal rise above the $99,000 region, before crashing to its present market price of around $95,000. Following this price action, the experts at More Crypto Online postulate that Bitcoin might have formed a local price top which shows some correlation with recent developments in the stock market. This theory holds more weight, especially considering BTC’s inability to hold above the February 14 market high of $97,800. However, using Elliot Wave Theory, these analysts explain two scenarios that could confirm the actual status of the Bitcoin market. Firstly, they propose that BTC could likely be in a corrective Wave 2 movement i.e. a mere retracement after its initial upswing (Wave 1) that precedes a strong bull rally (Wave 3). For this bullish prediction to remain viable, Bitcoin must hold above the $94,645 support level. If a considerable amount of buying pressure can be introduced at this price zone forcing a consolidation, the cryptocurrency could be set for a price surge to around $103,000. Conversely, if Bitcoin breaks below $94,645, selling pressure is likely to intensify, leading to further price drops. However, only a price fall below the $93,450 support zone would nullify the current bullish set-up, indicating the current downtrend is a trend reversal rather than a retracement. In this negative case, Bitcoin could slide to $91,000 with the potential for further decline to below $89,000. Related Reading: Dogecoin Road To ATHs: Why $0.28 Is The Next Major Milestone For A Breakout BTC Market Overview At press time, Bitcoin trades at $96,261 following a 1.78% loss in the past 24 hours. However, the market’s daily trading volume is up by 56.60% and is valued at $49.03 billion. According to data from Coincodex, the Fear & Greed Index is currently at 49 indicating a neutral sentiment from investors. This development corresponds with the general uncertainty as investors are in a wait-and-see phase as they are unsure about Bitcoin’s next price move. Interestingly, CoinCodex analysts remain optimistic with a bullish prediction of $108,429 in five days and $131,693 in the next month. Featured image from The Guardian, chart from Tradingview

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Bitcoin Next Move Hinges On Critical $96,600 Region Heres Why

Author: Semilore Faleti

United Kingdom

Source: NewsBTC

Dec 29, 2024 12:05

Bitcoin Next Move Hinges On Critical $96,600 Region Heres Why

The price of Bitcoin saw no overall gain over the past week as the premier cryptocurrency continued to undergo a market correction. Despite multiple upward movements, Bitcoin struggled to break past the $100,000 resistance with its price performance in December continuing to deviate from earlier bullish predictions. Amidst this development, market analysts continue to roll out projections on Bitcoins potential price move. Related Reading: Bitcoin Exchange Reserves Surge: Are Traders Preparing For A Major Market Shift? Is Bitcoin Price Top In? In an X post on December 27, crypto technical analysis handle More Crypto Online shared an interesting prediction on Bitcoin in its current corrective state. Using the Elliott Wave Theory, these market analysts have drafted two opposing forecasts on the BTC market named the yellow and white scenarios. For context, the Elliott Wave Theory is a form of technical analysis that hinges on the belief that the financial market moves in repetitive fractal patterns called waves that can be used to predict future price movements. With Bitcoin presently in a corrective structure i.e. moving against the bullish market trend, the white scenario states Bitcoin has completed a B-wave in which it recorded a local price top on December 26th. Currently, the premier cryptocurrency is moving in a C-wave headed to a potential price target in the mid to low $80,000 price zone. The original support zone to counter this bearish movement is around $95,068 – $96,670. However, as Bitcoin establishes new lows, these resistance regions will be recalibrated. On the other hand, the yellow scenario shows that the B-wave, which is concluded in the white scenario, is still developing as part of a larger corrective structure with no price top yet recorded. However, for this yellow scenario to become valid, BTC needs to break above $96,673 signaling that an upward movement is still ongoing. Therefore, as long as this price zone remains unbroken, the white scenario remains the dominant outlook for the Bitcoin market. Related Reading: Is Bitcoin Bull Run Over? What This Legendary Metric Says BTC Price Overview At the time of writing, Bitcoin is trading at $94,790, marking a 1.04% decline over the past 24 hours. Meanwhile, daily trading volume has risen by 10.35%, reaching $52.24 billion. After a week of near-balanced gains and losses, the leading cryptocurrency has dropped 2.00%, with its monthly performance also slipping into negative territory. For market bulls, moving above $96,600 remains the immediate task based on the Elliott Wave theory, however, a major opposition awaits at $100,000 which has proved an effective resistance in recent times. Generally, optimism continues to remain high in the Bitcoin market, especially with the inauguration of US President-elect Donald Trump fast approaching which is expected to herald in a new era of pro-crypto policies. Featured image from ABC News, chart from Tradingview

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