Bitcoin’s price fell by 7%, aligning with Crypto Patel’s Elliott Wave analysis, and support is now at $96K.
Fibonacci retracement shows Bitcoin could drop to $90,048 or $85,063 if $96K support fails, creating new entry levels.
A strong price recovery is expected, with future targets projected at $120K to $135K after Wave 4 correction concludes.
Bitcoin’s price fell by 7%, reaching $100,544, and aligned perfectly with the Elliott Wave analysis shared by Crypto Patel. The ongoing Wave 4 correction has brought a critical focus to Bitcoin’s key support zones and projected future targets. Analysts predict that Bitcoin could recover sharply, with potential highs between $120,000 and $135,000 after the correction ends.
Source: CryptoPatel
Key Support Levels to Watch
The token’s primary support level is $98,000, with a secondary support range between $96,000 and $98,000. If the $96,000 zone fails, prices might fall further toward the $90,048 level, which aligns with the 0.382 Fibonacci retracement. Another critical Fibonacci level at $85,063 could act as a deeper support in case the drop extends.
Crypto Patel previously identified an entry range between $106,000 and $108,000, which allowed many traders to capitalize before the recent decline. Traders now anticipate Bitcoin could drop an additional 7.8%, or $8,370, as Wave 4 correction nears completion.
What Traders Should Focus On
Crypto Patel emphasizes avoiding high-leverage trades as Bitcoin nears its critical support levels, where risks of further declines remain high. If prices break below $96,000, Bitcoin could test $91,000 and $86,000 before recovering. Traders are encouraged to wait for Wave 4 to fully play out before taking long positions.
The current phase presents opportunities for careful traders who manage risk effectively. With projected price targets between $120,000 and $135,000, Bitcoin’s long-term outlook remains strong despite the short-term volatility.
Future Price Movement
Bitcoin’s long-term potential remains bullish, with Elliott Wave analysis suggesting a significant price surge after Wave 4 concludes. The anticipated upward move aligns with historical market patterns, providing traders with opportunities for strategic entries at lower levels.
This raises the question: Are traders prepared to navigate the current volatility and position themselves for the projected rally to new highs?
As the market continues correcting, Crypto Patel’s insights on support zones and future targets provide valuable guidance. Bitcoin’s price action in the coming days will determine whether it rebounds toward $120,000 or experiences a deeper correction.
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