Is Bitcoin Headed for a Major Correction ? Final Move Before Potential Crash to $3,000
#Elliottwave #Bitcoin❗ #risingwedge #Write2Earn!
Recent analysis suggests that Bitcoin may be forming an **ending diagonal**, a technical pattern often signaling the end of a bullish cycle. This is part of **Elliott Wave Theory**, specifically a **3-3-3-3-3 structure**, also known as a rising wedge. Such a formation could indicate the **final impulsive wave** before a significant correction, potentially marking the end of Bitcoin's current growth cycle.
According to this view, Bitcoin could correct down to the **$3,000** level. This target aligns with the **lower-degree fourth wave** in Elliott Wave Theory and the **volume profile's power line**. However, the scenario hinges on certain key levels:
- If Bitcoin fails to reach new highs and drops below **$66,500**, it may first retrace to the **$59-60K** range.
- After that, a final three-wave push could bring Bitcoin near **$80K** before a reversal.
- Upon reversal, the strategy would shift towards **short positions**, aiming for much lower levels, even below **$10,000** per Bitcoin.
Conclusion & Advice :
If this scenario plays out, it could mark a drastic correction for Bitcoin, undoing much of its historical growth. Investors should keep an eye on the **$66,500** mark as a key indicator. Should Bitcoin drop below this level, it might signal the beginning of the downward trend. While long-term holders may prefer patience, traders may want to explore shorting opportunities after confirming the reversal signals, but only with strong risk management. **Be cautious**, as market volatility could increase dramatically.
