Bitcoin Elliott Wave Analysis Projects Price Drop to $94,000
Bitcoin (BTC) is currently experiencing significant volatility, and analysts suggest further downward pressure may lead to a price drop toward $94,000. Key points include:
- Analysts warn the downtrend might not be over, with projections indicating deeper losses.
- According to Elliott Wave analysis, Bitcoin is in a vulnerable phase, potentially completing a Wave 2 correction.
- The projected decline aligns with the 0.382 Fibonacci Retracement and key support zones.
- A decline to $94,000 represents an 11.3% drop from current prices, impacting momentum.
- Despite the potential for further declines, this could present an accumulation opportunity.
- Luca forecasts a strong reversal following this correction, potentially leading BTC above $122,000 during Wave 3.
The overarching outlook remains bullish, contingent on macroeconomic conditions remaining stable.
