Cryptocurrencies Price Prediction: SUI, Bitcoin & Crypto – European Wrap 20 December
|SUI expecting the final bullish wave to break above $5
Since our previous Video blog about SUI, the coin rallied more than 900%. Therefore, we’ll be looking at the daily Elliott Wave Structure and explain the current structure within the cycle.
The recent daily rally started in August 2024, SUI established an impulsive 5 waves structure to the upside within wave ((3)). In addition, it reached the 1.618 Fibonacci extension area around $4.7 before ending the cycle. The coin, is currently showing 3 swings from all time lows and consequently it’s expected to finish 4th swing pullback then start another 5th swing to the upside.
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin (BTC) price continues to edge down, trading below $95,000 on Friday and on the way towards its worst week since the end of August. This recent price pullback was fueled by the hawkish rate-cut decision by the US Federal Reserve (Fed) on Wednesday, which was followed by the highest single-day outflow ($671.90) from Bitcoin US spot Exchange Traded Funds (ETFs) on Thursday. The technical outlook suggests that the correction is set to continue, targeting the $90,000 level.
How deep will crypto dive?
The crypto market continues to retreat, having lost 4.4% to $3.36 trillion in the last 24 hours and already over 11% from the all-time peak of $3.79 trillion set on Tuesday. While the sell-off in stock markets has slowed, cryptocurrencies are maintaining or even picking up the pace of the decline. This return to early December levels is reminiscent of the rally locking in from November or all the growth of 2024. In the former case, the sell-off could pause in the $3.2 trillion area (-5% from current levels), while in the latter case, the sell-off could pause in the territory below $3 trillion with potential above 12.5%. Despite the threat of a deeper correction, we remain positive on the outlook for the year ahead.
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