Bitcoin Price Completes Five-Wave Pattern, Risks Drop to $31,000
Bitcoin has recently rallied to an all-time high of $111,900, driven primarily by institutional buying. Despite this, market sentiment has turned negative, with analysts suggesting the end of the current bull cycle.
Bitcoin Price Completes Elliot Wave Theory
- The Elliot Wave Theory indicates Bitcoin has completed five waves, signaling a potential bearish trend ahead.
- The latest peak of $111,900 is identified as the fifth wave, suggesting the bullish impulse is finished.
- The price is forming divergence and showing weakness in momentum within a resistance range of $76,000 to $111,000.
- A potential double top formation indicates a downward trend for Bitcoin.
BTC Price Targets $31,000 Bottom
- The analyst predicts a sharp decline, first targeting $66,000, representing nearly a 50% drop.
- If $53,000 does not hold, Bitcoin could fall to $31,000, coinciding with key Fibonacci retracement levels.
- Accumulation at $31,000 may serve as a pivotal point for the next major bull cycle.
