Bitcoin's Bull Run May Face a Brutal End, Analyst Warns of Imminent Crash A prominent Elliott Wave analyst forecasts a significant downturn for Bitcoin, predicting the cryptocurrency is on the cusp of a "final bear market move." This comes as bearish pressures continue to weigh heavily on BTC, with a projected crash of over 14% from its current price hovering around $65,000. Investors are urged to prepare for further declines, as the market correction is far from over.
Bitcoin Braces for Significant Drop as Wave 5 Commences
According to Elliott Wave Strategy, a market expert known for his focus on Elliott Wave structures, Bitcoin is entering the final leg down of its current bear market cycle, identified as Wave 5. The analysis suggests that Bitcoin's corrective Wave 4 has concluded precisely as predicted. The immediate target for this downturn is the 1.0 Fibonacci Retracement level, potentially bringing Bitcoin's price down to $60,385. The bearish outlook extends further, with a potential market bottom at $55,759, aligning with the 1.618 Fibonacci level. This significant drop could erase more than 55% of Bitcoin's value from its previous all-time high levels above $126,000. The current market structure, as per the expert's analysis, shows no clear signs of recovery until this corrective phase is fully completed, cautioning traders against premature bullish expectations.
Recapping Bitcoin's Corrective Wave 4
The recently completed Wave 4 of Bitcoin's bearish impulse displayed a textbook progression. The price initially broke down from above $90,000, cutting through the 0.382 retracement level at $90,601. It then accelerated its descent below $75,300, coinciding with the 0.5 retracement level. Following this, Bitcoin continued its downward trajectory below the 0.382 Fibonacci Retracement at $71,689, marking the onset of the Wave 4 consolidation. This period of consolidation was characterized by a triangle formation, which Elliott Wave Strategy identified as a classic "bearish continuation pattern," signaling the subsequent leg down that the market is now reportedly entering.
