Bitcoin Price Drops Below $100,000; Elliott Wave Predicts Further Decline

The Bitcoin price briefly dropped below $100,000 for the first time since June. Factors contributing to this downturn include selling by exchange-traded funds and large investors (whales). Investor fear is at a peak, indicating significant market capitulation.

Potential Deeper Correction

Bitcoin may be undergoing an Elliott Wave Correction, with potential further decline to the $70,000-$75,000 range.
This suggests an additional 30% decline, but strong support might trigger a reversal.

Impact on Altcoins

Market analyst Ted Pillows highlighted that quantitative tightening alone won't stabilize the market.
Historical data shows altcoins fell significantly when the Fed halted QT in 2019, only recovering after QE was initiated.
Without new liquidity, altcoins may continue to decline, though some might outperform.

Currently, Bitcoin is at $100,900, with recent losses of 6% over 24 hours and 12% over seven days.