Bitcoin Price Expected to Drop to $98,000 Amid Altcoin Opportunities
The Bitcoin price remains above $100,000, indicating bullish sentiment. However, analyst Xanrox predicts a decline following the recent all-time high of nearly $112,000. Key points include:
- Bitcoin is breaking down from an ascending parallel channel formed between $74,000 and $112,000.
- A symmetrical triangle within the channel may lead to liquidity sweeps, affecting price direction based on market dominance.
- The price has completed five waves of the Elliott Wave theory, suggesting an impending corrective ABC wave.
- Expected Fibonacci retracement levels are 0.382 ($98,000), 0.500 ($92,000), and 0.618 ($87,500).
Buying opportunities are identified near these Fibonacci levels, especially just below $98,000 due to an unfilled Fair Value Gap (FV). A decline is anticipated to push altcoins lower as well.
