Bitcoin’s been a rollercoaster lately, and things might get bumpier before they smooth out. Analysts are predicting a significant price drop, possibly all the way down to $94,000.
The Elliott Wave Theory and Bitcoin’s Dip
One analyst, Luca, using the Elliott Wave theory, suggests Bitcoin is in a correction phase (Wave 2). Their 8-hour chart shows a five-wave pattern, with the final wave potentially crashing the price to around $94,000. This level matches up with key technical indicators.
While there are signs the correction might be ending, Luca believes one last dip is possible before Bitcoin starts its next upward trend. This drop to $94,000 would be a substantial 11.3% decrease from current prices, significantly impacting its recovery. However, Luca sees this as a potential buying opportunity.
The Big Picture: A Bullish Outlook
Despite the predicted drop, Luca’s overall outlook is bullish. The Elliott Wave count indicates Bitcoin is nearing the end of Wave 2 and about to enter Wave 3 – typically the strongest and fastest-moving phase.
After the predicted dip to $94,000, Luca anticipates a powerful rebound, potentially pushing Bitcoin to new all-time highs (ATHs) above $122,000. This is based on the historical tendency of Wave 3 to be the most aggressive. With Bitcoin currently near strong support, a significant bounce back seems likely, assuming the overall market conditions remain relatively stable.
