Bitcoin / TetherUSUpdated Bitcoin’s Elliott Wave Outlook: A Major Correction Ahead?
Bitcoin appears to be in its fifth wave, signaling new all-time highs (ATHs), though likely not significant ones, as fifth waves often form as ending diagonals. On a larger scale, the completion of this lower-degree fifth wave suggests that the broader third wave is also reaching its peak. If this holds true, a higher-degree corrective phase is on the horizon.
Historically, major corrections have resulted in drops exceeding 75%. If this pattern repeats, the upcoming fourth wave of the larger degree could follow a similar trajectory. This implies that within the next few months, Bitcoin may enter a bearish cycle.
This analysis is for educational purposes only and should not be considered financial advice.
Historically, major corrections have resulted in drops exceeding 75%. If this pattern repeats, the upcoming fourth wave of the larger degree could follow a similar trajectory. This implies that within the next few months, Bitcoin may enter a bearish cycle.
This analysis is for educational purposes only and should not be considered financial advice.
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The formation previously highlighted in the circled area of the chart has been invalidated. It appears that wave 4 in the lower degree is not yet complete. The current level serves as a major support—if the price fails to hold, it may move toward filling the fair value gap (85K-77K), which also includes the CME gap (80K-78K)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.