Bitcoin Price Declines 4.8% After Hitting $124,128 High
Bitcoin's price has faced recent turbulence, declining approximately 4.8% from its peak of $124,128, currently trading between $117,000 and $118,000. Analysts suggest the possibility of a macro top, indicating potential for further downside if bullish momentum does not return.
Analyst Predicts Bearish Bitcoin Wave Structure
After a rebound from $112,000, Bitcoin reached $124,128 before sellers intervened. This decline is marked by diminishing short-term momentum, with relative strength index (RSI) readings indicating a bearish divergence on the 4-hour chart.
- Analyst CasiTrades suggests Bitcoin may be entering a corrective Wave A, potentially leading to a low of $77,000.
- The projected structure includes:
- Wave 1 drop to $112,000
- Wave 2 recovery to $120,000
- Wave 3 decline to around $89,000
- Wave 4 retest of $100,000
- Wave 5 bottoming at $77,000
- Long-term correction target estimated at $60,000, aligned with the 0.618 Fibonacci retracement level.
Chart Image From X: CasiTrades
Bearish Outlook Amid Optimism
This analysis contrasts with bullish forecasts predicting Bitcoin could reach $150,000. While institutional inflows and technical indicators remain positive, the bearish perspective from CasiTrades holds relevance. A failure to regain bullish momentum may indicate that the recent high is indeed the cycle's macro top.
- CasiTrades notes that a bearish scenario may lead to capital rotation from Bitcoin into large-cap altcoins.
- Some altcoins could achieve new all-time highs despite Bitcoin's potential retracement.
Currently, Bitcoin is priced at $118,203.