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Since reaching a local bottom of $74,000 in mid-April, Bitcoin has seen a market rebound, creating a price uptrend that has lasted over the past three weeks. Notably, the premier cryptocurrency crossed the $100,000 trade mark in the last week to trade as high as $104,300. Following this impressive feat, market analysis X platform NewThoughtCrypto has shared a technical insight on Bitcoin’s next move.
Bitcoin Macro Outlook Shows Charge To New ATH But A Market Correction Awaits
In an X post on May 9, analysts at NewThoughtCrypto provided a macro and micro forecast of the Bitcoin market using the Elliott Wave Theory. In terms of the broad market outlook using the daily chart, these pundits explain that Bitcoin’s ascent to $104,300 marks the top of the fifth wave in an impulse phase, hinting the market is due for a correction.
For context, the Elliott wave theory states that prices move in two major repeating patterns, i.e, the impulse phase, which represents the market trend and is broken into five waves (i-v), and the corrective phase, which consists of wave A-B-C.
After completing wave V of the impulse trend, NewThoughtCrypto analysts explain that Bitcoin is expected to experience a market correction, the target of which is usually around the 0.5 and 0.618 Fibonacci retracement level. Using the $104,300 price level as a market top, the projected correction could draw prices to $86,000 – $89,000, a price range around the wave C in the corrective trend.
Notably, there is potential for Bitcoin to resume its bullish trend before the correction is over, as there would be a price bounce in line with wave B of the corrective phase. However, NewThoughtCrypto experts expect a complete correction before the premier cryptocurrency relaunches its charge for a new all-time high, which is likely to happen in the summer.
Micro Outlook Hints At $106,000 Target Before Correction
In a micro view of the Bitcoin market using the 4-hour chart, the analysts at NewThoughtCrypto state Bitcoin appears to have completed waves I, II, and III, with wave III surpassing market expectations.
The flagship crypto is now awaiting wave IV, which is always a corrective wave. With a wave III top at $104,300, the expected market correction would push the price to between $100,000 – $101,000. Thereafter, a bullish wave V is to commence driving prices to $106,000 before the corrective trend begins.
At press time, Bitcoin continues to trade at $102,810 following a 0.06% increase in the past day. Meanwhile, daily trading volume is down by 6.68% and valued at $62.23 billion.
Featured image from Pexels, chart from Tradingview
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