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You can also find out more about the following: Bitcoin (BTC) price crash to $74,000 The traders have left speculating If the crypto has reached a bottom. A CMT certified analyst, however, suggests that Bitcoin’s price correction may not be over. He is a CMT-certified analyst. predicted an even deeper pullback to $38,000 – $42,000, which he identifies as Bitcoin’s final price bottom.
In a detailed Elliott Wave-based chart analysisTony Severino, CMT Certified Technical Analyst, demonstrates a classic 5-wave impulsive structure This appears to be the last leg, which has been completed near $85,000. Severino’s analysis shows that Bitcoin’s latest decline to $74,000 is merely the start of a broader ABC corrective pattern, potentially driving the cryptocurrency down to a bottom in the range of $38,000 – $42,000.
Bitcoin price to drop soon
Bitcoin’s five-wave impulse structure began with Wave 1, a bearish market low. Wave 2 was a correctional pullback. Wave 3 was the biggest upwards move and it is subdivided up into 5 smaller waves. Wave 5 began after the market briefly paused for a short pullback during Wave 4. It was a last push towards a peak of near $85,000.
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After the peak of Wave 5, Bitcoins ABC corrective structure As indicated by the line in red on the graph, the corrective pattern has begun. According to the analyst, the cryptocurrency is currently completing Wave A of this corrective pattern, which is expected to bottom out near $62,000 – $65,000 by June 2025. This range of prices coincides with Wave 4 which is a target that’s often used for Wave A retracements.
The real concern is what happens after Bitcoin’s possible crash to $65,000 – $62,000. It is predicted that Wave B will be short lived, and then Wave C will have a greater impact on the price. final bottom target By April 2026, the target range is between $38,000 to $42,000. The pullback targets are also aligned with Wave 3’s iv wave, which is often used as a key zone of retracement during market corrections.
Severino confirmed that through his analysis of the technical indicators, we are now in a market correction. bear phase. The price chart he uses incorporates models of cyclical time, indicating a market cycle that is characterized by. bull market peak In 2025 there will be a bull market that extends into the middle of 2026. This is in line with Bitcoin’s usual timeline four-year halving cycleThe market will reach its maximum the following year, after the event of halving.
BTC chart shows death cross in the analyst’s annotation
The following is a list of reports Bitcoin just formed a new bar chart on X. Death Cross on its price chart First time in September 2024. The 50 MA crosses the 200 MA to form a Death Cross.
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The Death Cross chart pattern can be considered as a sign of a possible downtrend. A Death Cross could indicate a possible downtrend in Bitcoin, whose price was $78,900 as of press time. further breakdown Consolidation is a good example.
Chart from Tradingview.com, image from Unsplash
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Source: www.newsbtc.com
