BTC 35% ~ 40% Dump Comming soon
Bitcoin is currently still inside a circular Fibonacci pattern, undergoing a downward trend. Exiting this pattern may require more time. On the other hand, the Relative Strength Index (RSI) has reached a value of 70 on the weekly timeframe, which is the same level it reached the last time when Bitcoin's price was at $68,000. Additionally, we observe two bearish divergences on the daily timeframe.
Considering the Elliott Wave theory, we are currently at the end of corrective Wave B. Drawing a Fibonacci trend-based extension places the next target for Bitcoin around $7,000 to $8,000, which aligns with the end of the circular Fibonacci pattern
Considering the Elliott Wave theory, we are currently at the end of corrective Wave B. Drawing a Fibonacci trend-based extension places the next target for Bitcoin around $7,000 to $8,000, which aligns with the end of the circular Fibonacci pattern
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