Bitcoin’s Potential Market Shift: An In-Depth Analysis
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Could Bitcoin Face a Major Market Correction?
Bitcoin (BTC) is at a critical juncture, with predictions of a significant market movement on the horizon. A noted crypto analyst cautions that if BTC does not achieve a new all-time high in the upcoming weeks, it could be vulnerable to a considerable correction. While the long-term outlook remains positive, the immediate trajectory of Bitcoin hinges on its ability to sustain upward momentum, avoiding a setback that could delay its rally.
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Possible 50% Price Decline for Bitcoin
Renowned crypto analyst Tony Severino has issued a cautionary note to Bitcoin investors via social media platform X. He warns that a failure to reach a new all-time high soon could trigger a steep decline, potentially erasing over half of Bitcoin’s current valuation.
Severino’s analysis, based on Elliott Wave theory, suggests that Bitcoin is currently in an intermediate Wave 4 Expanded Flat correction. According to this pattern, Bitcoin is nearing the end of wave B, which often leads to a sharp descent in wave C. His assessment draws parallels with the pattern seen in 2021-2022, during the Primary Wave 4, where Bitcoin peaked in wave B before a severe drop in wave C resulted in a bear market.
The current chart configuration indicates that the recent rise in Bitcoin’s price might be forming a misleading wave B peak, potentially setting up for a wave C crash aimed at the $60,000 range or lower. This would mean a 50% reduction from the current level of approximately $118,000.
Severino’s warning is not rooted in a bearish outlook but is rather a call for cautious optimism. He maintains a positive long-term view, anticipating a final Wave 5 rally for Bitcoin. However, he emphasizes the importance of BTC achieving a new ATH soon to negate the expanded flat scenario.
If the market fails to produce this upward movement, the corrective structure could dominate, significantly postponing the next upward impulse. Such a crash could also disrupt the expected altcoin season, hindering broader crypto market momentum.
Predictions for Bitcoin’s Next All-Time High
In recent weeks, Bitcoin has renewed optimism following a price surge above $123,000. Despite a slight pullback to current levels above $118,000, a market expert known as ‘The Crypto Professor’ on X forecasts a new all-time high for the leading cryptocurrency.
The Crypto Professor anticipates Bitcoin’s next ATH at $129,948, aligning with the 1.618 Fibonacci Extension level. With BTC now trading at $118,612, this prediction represents a notable 9.6% gain. The analyst’s chart indicates past consolidation zones around $110,000 and $100,000, corresponding with Fibonacci Retracement levels of 1 and 0.786, which now serve as potential support zones during any retests.
Conclusion
As Bitcoin navigates its current market conditions, the insights from experts like Tony Severino and The Crypto Professor provide valuable perspectives on potential future movements. While the long-term outlook remains bullish, the immediate focus is on Bitcoin’s ability to achieve a new all-time high, which could determine its short-term fate in the market.
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