Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

Hello and Welcome to Another Bitcoin Update

Bitcoin has had a relatively calm day in the market, with altcoins showing some movement while Bitcoin remains stagnant. This is a common occurrence after rallies, where we often see days or even weeks of sideways trading. However, the longer this period lasts, the higher the likelihood of a significant move in the future. In this update, we will take a look at the daily timeframe, Bitcoin dominance, total market cap, and the shorter timeframe wave count to gain new insights into the market.

Daily Timeframe Analysis

The daily chart for Bitcoin has not changed significantly. The current wave count suggests that we are in the midst of a third wave, which could potentially reach 70 to 80k. This third wave is part of a larger five-wave move that started after a three-wave pullback. If this wave count holds, we can expect another extension in the third wave before a wave four and wave five complete the pattern. It is important to note that anything above the 38 to 43k level would not be ideal and may indicate a bearish scenario. However, we are not there yet, and the overall outlook remains bullish.

Bitcoin Dominance and Total Market Cap

Bitcoin dominance, which measures Bitcoin’s market share compared to other cryptocurrencies, has been on an uptrend since August last year. This has resulted in a prolonged period of altcoins underperforming. However, the dominance chart is currently at a resistance level of 54%, and a break above this level could trigger an altcoin season. While the dominance chart is not ideal for Elliott Wave analysis, it does suggest that an ABC structure to the upside is nearly complete, with the potential for another high.

The total market cap for cryptocurrencies is currently holding below a resistance box. A breakout above this level could take the market cap to 1.345 trillion, signaling a significant breakout and potentially indicating the end of the bear market range. It is worth noting that new money has entered the market in recent weeks, but the market cap has not yet surpassed the previous high from May 2022. A breakout above this level could coincide with a drop in Bitcoin dominance and increased optimism in altcoins.

Shorter Timeframe Wave Count

The shorter timeframe wave count for Bitcoin remains unchanged. The market is currently moving within a pennant pattern, suggesting a potential bullish consolidation before a continuation of the uptrend. The triangle pattern is technically complete, and we are waiting for a breakout above the b-wave high at 35,050. As long as support levels hold, we can expect higher prices. Key support levels to watch are 29,450 and 30,510. The exact wave degree will depend on which support level holds or breaks.

Frequently Asked Questions

Q: What is Bitcoin dominance?

Bitcoin dominance refers to the percentage of the total cryptocurrency market cap that is attributed to Bitcoin. It is a measure of Bitcoin’s market share compared to other cryptocurrencies.

Q: What is the significance of a breakout in total market cap?

A breakout in the total market cap indicates a significant shift in market sentiment and could signal the end of a bear market range. It suggests increased optimism and potential for higher prices in the cryptocurrency market.

Q: How does Bitcoin dominance affect altcoins?

When Bitcoin dominance is high, altcoins tend to underperform. However, a drop in Bitcoin dominance could trigger an altcoin season, where altcoins outperform Bitcoin and experience significant price increases.

Q: What are the key support levels for Bitcoin?

The key support levels for Bitcoin are 29,450 and 30,510. If Bitcoin breaks below these levels, it may indicate a bearish scenario. However, as long as these support levels hold, higher prices can be expected.

Q: Should I focus on correlations with the stock market?

While correlations between Bitcoin and the stock market can provide insights, it is important to focus on the current market conditions and trends. Bitcoin has shown little correlation with the stock market recently, and it is best to trade based on what is happening in the cryptocurrency market itself.

In conclusion, Bitcoin has experienced a relatively calm day in the market, with altcoins showing some movement while Bitcoin remains stagnant. The daily timeframe analysis suggests a potential extension in the third wave, with the possibility of reaching 70 to 80k. Bitcoin dominance is currently at a resistance level, and a breakout could trigger an altcoin season. The total market cap is holding below a resistance box, and a breakout above this level could indicate the end of the bear market range. The shorter timeframe wave count remains unchanged, with a pennant pattern suggesting a potential bullish consolidation. As long as support levels hold, higher prices can be expected.