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.
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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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