Cryptocurrency Analysts Who Accurately Forecasted Bitcoin’s Price for January

Beginning the month on a strong note, Bitcoin’s (BTC) price action turned swiftly from bullish to bearish on January 11.

Notwithstanding the change in market direction, a quartet of crypto analysts managed to accurately forecast Bitcoin’s January price trends.

Bitcoin Secures Its Immediate Price Bracket

After achieving a fresh annual peak at $49,000 on January 11, the value of Bitcoin has seen a decline. This resulted in an exit from an upward trending channel, later reconfirmed as resistance on January 16.

Furthermore, Bitcoin fell beneath the significant $41,000 level, which had acted as support since December 2023. Though it momentarily lost this support on January 23, Bitcoin recuperated the following day, signaling a potential uptick.

Should the upward movement persist, the former channel’s resistance line could be located at around $45,000, representing a 6% increase from the present valuation.

CredibleCrypto foresaw a range low undercut on January 20, which would mean the price of Bitcoin bouncing back shortly thereafter.

IncomeSharks maintained a bullish stance due to a pattern breaking above descending resistance following the bounce. He shared his thoughts:

Currently eyeing a swing trade. It’s not a substantial bet, but a casual move as I anticipate lower levels. Expecting a break from the 4h downtrend and a bullish turn on the super trends. Stops remain strict.

The aforementioned deviation and recovery have come to pass as prefigured.

Bottom Predicted by Elliott Wave Analysts

A pair of cryptocurrency analysts leveraged Elliott Wave Theory for anticipating the nadir of Bitcoin’s market value. Elliott Wave Theory hinges on recurring price patterns and market sentiment to gauge trend direction.

XForceGlobal presented a graph where Bitcoin finalized the W component of a W-X-Y corrective phase, followed by an upward correction.

A similar analysis is put forth by TheTradingHubb.

Although the Elliot Wave projection has so far been spot-on concerning the ascent of BTC, its continuance remains speculative.

If accurate, the Bitcoin price could increase by an approximate 5%, to a Fibonacci retracement resistance range between $43,650 and $44,900, labeling it the B wave of an A-B-C correction.

Thereafter, anticipate at least a 12% retrace with the potential for a 19% pullback to the Fibonacci retracement support levels.

Notwithstanding this cautious forecast for Bitcoin’s price, a decisive surpassing of the 0.618 Fibonacci level at $44,900 could signal the completion of the correction, potentially causing a 16% price surge back to the high of $49,000.

Access the latest cryptocurrency market insights from BeInCrypto here.