Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. On Tuesday, the Bitcoin price briefly dipped below the significant $100,000 threshold for the first time since June. Market expert Lark Davis summarized the facts behind the ongoing sell-off on the social media platform X (formerly Twitter), describing the situation as “absolutely relentless.”  Bitcoin Price Set For Deeper Correction 

Davis highlighteda range of factors contributing to the Bitcoin price downturn, including selling activity from exchange-traded funds (ETFs), and large-scale investors known as whales. He suggested that fear among investors is reaching a peak, indicating a phase of significant capitulation. Related Reading Dogecoin Volume Spike To $2 Billion Might Be Bearish, Here’s Why 4 hours ago

Amid these developments, reportshave emerged that the Bitcoin price is undergoing an Elliott Wave Correction. Analysts suggest that Wave (5) appears to be complete, and Wave (B) might have reached its peak.  BTC’s Elliot Wave pattern is pointing to a deeper correction. Source: Bitcoinsensus on X

This could set the stage for a deeper Wave (C) correction, potentially bringing the price down to the $70,000 to $75,000 range. This would mean an additional 30% decline ahead for the market’s leading crypto. 

The unfolding Elliott Wave A-B-C structure indicates that there is strong support for the Bitcoin price in the “green box” seen in the chart above, which could serve as a potential reversal zone. However, the analyst caution that a substantial rally may follow the completion of the Wave (C) correction. Altcoins At Risk

Further complicating the outlook, market analyst Ted Pillows emphasizedthat merely conducting quantitative tightening (QT) would not suffice to stabilize the market. 

Referring to historical data from the third quarter of 2019, when the Federal Reserve (Fed) halted QT, Pillows noted that altcoins dropped significantly—by 40%—and did not find a bottom until the Fed initiated quantitative easing (QE). Related Reading Bitcoin Remains ‘Fully Bearish’ Until This Price Level Is Reclaimed: Veteran Analyst 10 hours ago

He warned that the current situation would likely mirror that past experience, stating that unless new liquidity enters the market, alts will continue to set new lows. While a few may outperform, the majority are expected to decline further. The daily chart shows BTC’s price drop. Source: BTCUSDT on TradingView.com

As of writing, the Bitcoin price had recovered the $100,900 mark. However, losses of 6% and 12% were recorded in the last 24 hours and over the past seven days, respectively. 

Featured image from DALL-E, chart from TradingView.com