According to a new forecast from an Elliott Wave analyst, the Bitcoin price could be gearing up for more pain as bearish pressures continue to weigh heavily on it. As a<\/span> final<\/span><\/a> bear market <\/span>move<\/span><\/a>, the analyst has projected that Bitcoin could crash by more than 14% from its current price near $65,000.\u00a0<\/span><\/p>\n Elliott Wave Strategy, a market expert on X who focuses primarily on Elliott Wave structures and analysis, has <\/span>warned<\/span><\/a> that Bitcoin is entering its final leg down of its current<\/span> bear market cycle<\/span><\/a>. In his updated post, the analyst declared that BTC\u2019s corrective<\/span> Wave 4 structure has ended<\/span><\/a> precisely as projected. He summarized the outlook bluntly, stating that the relief phase is finally over and Wave 5 is now in motion.<\/span><\/p>\n The accompanying TradingView chart shows Wave 5 beginning at the end of a triangle formation, which marked Wave 4. The projected target for the final wave has been clearly defined, with the first measured move expected to drag Bitcoin\u2019s price down toward the 1.0 Fibonacci Retracement level at $60,385.\u00a0<\/span><\/p>\n Elliott Wave Strategy has also forecasted a<\/span> potential market bottom<\/span><\/a>. He expects Bitcoin to decline further to the next bearish target at $55,759, marked by the 1.618 Fibonacci level. Based on the expert\u2019s analysis, BTC\u2019s current structure shows no clear signs of<\/span> a possible recovery<\/span><\/a> until it completes its correction. As a result, the analyst has urged investors and traders to brace for the potential decline to $55,759, which could wipe out more than 55% of BTC\u2019s value from its<\/span> ATH levels above $126,000<\/span><\/a>.\u00a0<\/span><\/p>\n Based on the wave count displayed on the Elliott Wave Strategy\u2019s chart, Bitcoin has already completed Waves 1 through 4 of a<\/span> five-wave bearish impulse<\/span><\/a>. The structure shows an earlier price breakdown from above $90,000, slicing through the 0.382 retracement at $90,601 before accelerating below $75,300, which coincided with the 0.5 retracement level. Following this,<\/span> Bitcoin continued its downward spiral<\/span><\/a> below the 0.382 Fibonacci Retracement at $71,689.20, marking the start of the Wave 4 consolidation.\u00a0<\/span><\/p>\n In a previous analysis, Elliott Wave Strategy <\/span>noted<\/span><\/a> that Bitcoin had already entered its corrective Wave 4 structure as of February 12. He warned that the<\/span> temporary rally above $71,000<\/span><\/a> that preceded the onset of Wave 4 should not be mistaken for a new bull market cycle, reinforcing his predominantly bearish stance on BTC.\u00a0<\/span><\/p>\n The now-completed Wave 4 triangle has been capped by descending resistance near $70,000 and supported by a rising trendline around $66,000. Elliott Wave Strategy characterized this trendline as a classic<\/span> bearish continuation pattern<\/span><\/a>, suggesting further downside pressure for BTC\u2019s already weak price.<\/span><\/p>\n Featured image from Pixabay, chart from Tradingview.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" According to a new forecast from an Elliott Wave analyst, the Bitcoin price could be gearing up for more pain as bearish pressures continue to weigh heavily on it. As a final bear market move, the analyst has projected that Bitcoin could crash by more than 14% from its current price near $65,000.\u00a0 Bitcoin Price […]<\/p>\n","protected":false},"author":2,"featured_media":420738,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-420737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/420737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=420737"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/420737\/revisions"}],"predecessor-version":[{"id":420739,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/420737\/revisions\/420739"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/420738"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=420737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=420737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=420737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin Price Readies For Final Bear Market Plunge<\/h2>\n
Related Reading<\/span><\/h2>\n<\/p>\n
A Recap Of Bitcoin\u2019s Wave 4 Performance<\/h2>\n
Related Reading<\/span><\/h2>\n<\/p>\n