NewsBTC

9 April 2025

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Bitcoin Price Drops to $74,000 as Analysts Predict Further Decline to $38,000-$42,000

Bitcoin's price has dropped to $74,000, prompting speculation about its bottom. A CMT-certified analyst forecasts a deeper decline to between $38,000 and $42,000, indicating the correction is not over.

Key points include:

• The recent decline is seen as part of an ABC corrective pattern.
• A 5-wave impulsive structure completed near $85,000.
• Wave A is currently in progress, expected to reach $62,000 - $65,000 by June 2025.
• Following Wave A, a bounce (Wave B) is anticipated before a further drop (Wave C) to the final target of $38,000 - $42,000 by April 2026.
• The market is confirmed to be in a bear phase with historical cycles suggesting a peak in 2025 followed by a downturn.

Additionally, Bitcoin recently formed a Death Cross on its chart, a bearish signal that may indicate further price declines. The current price sits around $78,900.