The Bitcoin (BTC) price began June with a minor decrease, dropping to a low of $24,800. However, the price has recovered greatly since and reached a new yearly high of $31,430 on June 23. The movement goes a long way in confirming that the price is in a new bullish trend.
These four analysts employed different means to predict the market volatility but arrived at a similarly accurate result.
Elliott Wave Count Correctly Predicts End of Correction
Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend. The trading method accurately predicted the local bottom and ensuing bullish trend reversal in June.
In the middle of June, Elliott Wave specialist @TheTradingHubb tweeted that the BTC price had completed a diagonal, as evidenced by its wedge shape. While he did not give a target for the top of the movement, he suggested that a breakout from the pattern would transpire.
Similarly, @XForceGlobal used a descending wedge and a corrective pattern to predict the BTC bottom at $36,000 correctly.
Both BTC price predictions suggested that a high near $30,000 could be reached, and that was not the case. However, the predictions were amended once the price got closer to $30,000 due to the sharpness of the movement.
In any case, the price action and EW theory were correctly used to perfectly identify the $24,800 bottom (red circle) and catch an increase to $30,000, which is quite profitable in its own right.
Retest of Resistance Leads to Bounce
Cryptocurrency trader IncomeSharks tweeted a simple retest of the previous resistance area at $25,000. He stated that it is likely that the retest will lead to a significant upward movement, as was the case.
Pentosh1, another well-known trader, used the same method in order to determine that the BTC price would bounce. He stated that the price has to reclaim $26,700 in order to confirm the bullish trend reversal.
Since the tweets, the BTC price has bounced at the $25,000 level, reclaimed the $26,700 area, and is now trying to reclaim the $30,400 resistance area. If successful, the upward movement could accelerate to $35,000.
However, if the BTC price gets rejected at the current resistance, a drop to $25,000 will be on the cards.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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