Elliott Wave Analyst Forecasts Bitcoin to Drop Below $60K
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A recent assessment from a well-regarded Elliott Wave analyst indicates that Bitcoin may be on the verge of experiencing significant declines as bearish sentiment persists. The analyst has issued a warning that Bitcoin could potentially plummet by more than 14%, bringing its value down to around $60,385 from its current price near $65,000.
On the platform X, the expert shared insights suggesting that Bitcoin is entering a final downward leg in its bear market cycle. He noted the completion of the corrective Wave 4 structure, previously forecasted, and confidently stated that the relief phase has concluded, signaling the onset of Wave 5.
The analyst provided a TradingView chart which illustrates that Wave 5 commenced at the conclusion of a triangle formation marking Wave 4. The forecast outlines a clear target for this downward movement, with expectations set for Bitcoin to test the 1.0 Fibonacci Retracement level, projected at $60,385.
Moreover, the analyst has anticipated a potential bottoming out for the cryptocurrency market, projecting Bitcoin could decline further to a bearish target of $55,759, corresponding to the 1.618 Fibonacci level. His analysis suggests that Bitcoin’s current structure exhibits no clear indicators of recovery until the correction cycle is fully realized. Investors and traders have been advised to prepare for this potential drop to $55,759, which could represent a staggering reduction exceeding 55% from Bitcoin’s all-time high above $126,000.
Examining Bitcoin’s Wave 4 performance, the analyst’s chart depicts that the cryptocurrency has completed Waves 1 through 4 of a bearish impulse consisting of five waves. This structure records a prior price drop from above $90,000, breaking through the 0.382 retracement level at $90,601 before accelerating down past $75,300 and below the 0.5 retracement mark. Bitcoin’s downward trend continued, falling below the 0.382 Fibonacci Retracement at $71,689.20, indicating the initiation of the Wave 4 consolidation phase.
In earlier evaluations, the analyst pointed out that Bitcoin had entered the corrective Wave 4 structure as of February 12. He emphasized that a brief rally above $71,000 preceding Wave 4 should not be misconstrued as the start of a new bull market, which reinforces his predominantly bearish perspective on Bitcoin.
The completed Wave 4 triangle has been characterized by descending resistance near $70,000, with support provided by a rising trendline around $66,000. The expert has identified this trendline as a classic bearish continuation pattern, hinting at further downward pressure for Bitcoin’s already declining price.
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