Crypto Market Turbulence: What’s Next for Bitcoin?

BTCUSDT Analysis

Bitcoin (BTCUSDT) experienced a sharp decline from $70k to $63k, causing widespread concern and a severe blow to the anticipated altseason. Many traders have seen their portfolios lose 50-60% in value, and even automated trading bots have struggled with the recent downturn. The big question on everyone's mind is whether this downward trend will continue or if we are nearing a reversal.

Bitcoin Weekly Time Frame Analysis

To gain a better understanding, let's examine the 1-week BTC time frame using our advanced cryptocurrency trading strategy. This time frame is crucial for analyzing the current bull run through Elliott waves.

First, we identify the highest high on the Awesome Oscillator, which corresponds to the recent peak at $73k. This suggests we are likely witnessing wave 4. The minimum requirement to conclude this wave is the Awesome Oscillator crossing the zero line, indicating that wave 4 may extend until at least September. The good news is that the target price has likely been reached or is close to being reached, with a potential maximum drop to $49k.

Future Projections

Once wave 4 concludes, we anticipate the major wave 5, which could push Bitcoin to between $85k and $107k, depending on whether it extends. This final wave will conclude the bull run, potentially leading to a significant bear market afterward.

Is Wave 3 Really Finished?

Typically, Bitcoin has a way of surprising us. We initially expected it to reach $77k as wave 5 within wave 3, but the Awesome Oscillator indicated an early divergence. This suggests the drop from $72k to $52k was just wave A within wave 4.

Current Status and Next Steps

Bitcoin is currently in wave 4, a challenging phase for traders. Wave A appears to be over, with a bullish reversal bar already printed on the 1-day time frame. Now, we anticipate a bull trap in wave B, targeting the 0.5-0.61 Fibonacci retracement area around $64k. Here, we should watch for a bearish setup, potentially leading to another drop to around $49k. Once the ABC cycle is complete, we expect a final push to the bull run's all-time high.

Conclusion

Despite the bearish sentiment and market fear, we foresee an increase in Bitcoin's price soon. While the dump is not entirely over, its most intense phase seems to be behind us. Many bears may suggest the game is over with double top patterns, but it's essential to stay focused on the data and analysis rather than emotions.

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Skyrex.io Team

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