Last week, Bitcoin closed above a critical resistance level, indicating a bullish trend. However, there are signs of short-term weakness that could affect the market in the last week of 2023.
Bitcoin Closes Above Resistance
The price of BTC has been steadily rising throughout the year, reaching a new yearly high of $44,700 on December 8. While it initially broke above the 0.5 Fib retracement resistance level, there is uncertainty as to whether it has truly broken out of this level.
This uncertainty adds ambiguity to the overall trend of Bitcoin.
What Do the Analysts Say?
Many cryptocurrency traders and analysts have a bullish outlook on Bitcoin’s future trend. CredibleCrypto believes that the price will continue to increase due to spot and futures buying dynamics. James Van Straten predicts that BTC will reach $500,000 this cycle based on its outperformance in previous cycles. Rekt Capital is also bullish due to the halving narrative.
BTC Price Prediction: Will 2023’s Final Week be Bullish?
Technical analysts are using the Elliott Wave theory to predict Bitcoin’s price movement. The current count suggests that BTC has completed its third wave and is now undergoing a correction. This is supported by bearish divergence in the daily RSI indicator.
If this count is accurate, Bitcoin’s price could decrease to $40,000 before rebounding and potentially reaching $50,000 as part of its overall upward movement.
Hot Take: Short-Term Bearishness with Potential for Breakout
Despite the short-term bearish prediction, there is a possibility that Bitcoin could break out of its current correction phase and immediately rise to $50,000, representing a 15% increase from its current price.
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