Elliot Wave Analyst Predicts Bitcoin Price Will Crash In Final Move, What’s The Target?

According to a new forecast from an Elliott Wave analyst, the Bitcoin price could be gearing up for more pain as bearish pressures continue to weigh heavily on it. As a bear market move, the analyst has projected that Bitcoin could crash by more than 14% from its current price near $65,000. 

Bitcoin Price Readies For Final Bear Market Plunge

Elliott Wave Strategy, a market expert on X who focuses primarily on Elliott Wave structures and analysis, has warned that Bitcoin is entering its final leg down of its currentbear market cycle. In his updated post, the analyst declared that BTC’s correctiveWave 4 structure has ended precisely as projected. He summarized the outlook bluntly, stating that the relief phase is finally over and Wave 5 is now in motion.

Elliot Wave Analyst Predicts Bitcoin Price Will Crash In Final Move, What’s The Target?

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The accompanying TradingView chart shows Wave 5 beginning at the end of a triangle formation, which marked Wave 4. The projected target for the final wave has been clearly defined, with the first measured move expected to drag Bitcoin’s price down toward the 1.0 Fibonacci Retracement level at $60,385. 

Source: Chart from Elliott Wave Strategy on X

Elliott Wave Strategy has also forecasted apotential market bottom. He expects Bitcoin to decline further to the next bearish target at $55,759, marked by the 1.618 Fibonacci level. Based on the expert’s analysis, BTC’s current structure shows no clear signs ofa possible recovery until it completes its correction. As a result, the analyst has urged investors and traders to brace for the potential decline to $55,759, which could wipe out more than 55% of BTC’s value from itsATH levels above $126,000. 

A Recap Of Bitcoin’s Wave 4 Performance

Based on the wave count displayed on the Elliott Wave Strategy’s chart, Bitcoin has already completed Waves 1 through 4 of afive-wave bearish impulse. The structure shows an earlier price breakdown from above $90,000, slicing through the 0.382 retracement at $90,601 before accelerating below $75,300, which coincided with the 0.5 retracement level. Following this,Bitcoin continued its downward spiral below the 0.382 Fibonacci Retracement at $71,689.20, marking the start of the Wave 4 consolidation. 

Here’s What’s Driving The Bitcoin Price Crash Toward $60,0000

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In a previous analysis, Elliott Wave Strategy noted that Bitcoin had already entered its corrective Wave 4 structure as of February 12. He warned that thetemporary rally above $71,000 that preceded the onset of Wave 4 should not be mistaken for a new bull market cycle, reinforcing his predominantly bearish stance on BTC. 

The now-completed Wave 4 triangle has been capped by descending resistance near $70,000 and supported by a rising trendline around $66,000. Elliott Wave Strategy characterized this trendline as a classicbearish continuation pattern, suggesting further downside pressure for BTC’s already weak price.

BTC trading at $65,382 on the 1D chart | Source: BTCUSDT on Tradingview.com