Strong Bitcoin Support Zone Emerges Between $95,090-$96,531 In an X post on January 4, digital asset analysis platform More Crypto Online shared an insight on the present state of the Bitcoin market. With the application of the Elliott Wave Theory, these analysts deduced that Bitcoin’s price may have developed a potential 5-wave pattern which can be indicative of a bullish movement. For context, the Elliott Wave Theory works on the basis that financial markets move in predictable patterns due to investor psychology and natural market rhythms. The 5-wave pattern also known as the impulsive wave pattern generally moves in the direction of the larger trend. With Bitcoin still in a bullish shape despite recent corrections, the completion of the 5-wave pattern to the upward direction indicates a strong price rally i.e.
BTC is out of correction with a focus on new highs. However, in order to solidify this notion of impending new all-time highs, Bitcoin must break above the December 26th price peak of $99,900 which represents a major resistance level. In the advent of any rejections/retracements amidst this bullish charge, the crypto analysts at More Crypto Online have pinpointed a significant support zone between $95,090 – $96,531 capable of acting as a cushion for retest.
Albeit, if there is an overwhelming selling pressure, Bitcoin could slide as low as $92,950 representing a potential 5.5% fall from its current market price.
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