Bitcoin holds hard above $ 95,500 for the moment, but according to the Crypto Patel analyst, a major correction could be at the corner of the street. In a detailed analysis of Elliott Wave shared with his 75,000 subscribers on X, he described a possible scenario which could return the Bitcoin which recovers to the $ 50,000 area.
Although he admits that he is not a fan of this configuration himself, he urges traders to remain alert, especially if Bitcoin fails to break a level of crucial resistance.
The graph shows that Bitcoin may have already finished its impulsive movement with five waves up, a typical sign that a corrective phase could be the next one. Crypto Patel thinks that we are now in the middle of an ABC correction. If this analysis is, Bitcoin is currently forming the wave (B), which could climb up to $ 98,000 before the wave (C); And this is where the real danger resides.
The key level to be monitored is $ 105,000. This is where Paters says that things could go back. If Bitcoin breaks and closes a high delayer candle above this level, the lowering scenario would probably be invalidated. But if it is rejected or does not hold above, the market could face a huge drop.
Its graph describes a potential wave (C) which would take BTC to Key Fibonacci catches zones. The first support came from almost $ 62,500, but a more realistic drop could increase it to $ 51,700, or even $ 47,800 – where several technical indicators line up. Beyond that, deeper retractions could bring bitcoin to $ 44,000, $ 32,600, or in the worst of cases, as low as $ 27,000, or even $ 23,000.
All these levels are drawn using fibonacci tools and past waves structures. The graph also shows how the previous wave (4) is at the bottom in mid-2024, and the upcoming wave (C) could dive even lower. The structure closely follows Elliott's wave theory, which suggests that unless Bitcoin quickly recovers higher ground, it can enter a large correction that could last for months.
Patel adds a clear warning to his tweet: “Do not follow blindly – but keep this scenario in mind when planning your trades.” He underlines that it is his personal point of view and not the financial advice, but given the clarity of the structure, it is worth keeping an eye.
Bitcoin is currently negotiating nearly $ 96,000. The market is optimistic, but hidden in this momentum could be a configuration for a lively reversal. If the point of view of the patel takes place, this correction could be deeper than many do not await it.
In short, the following movement strongly depends on how Bitcoin behaves between $ 98,000 and $ 105,000. If he breaks above with conviction, the raised trend could continue. But if it is rejected, the downward wave (C) could take over – and the downward road could lead to $ 50,000 or even more.
Read also: the worst Bitcoin nightmare? Crescendo Fork de Kaspa triggers a new cryptographic arms race
Follow us X (twitter),, Coinmarketcap And Square For more daily crypto updates.
Read our recent cryptography market updates, our news and our technical analyzes here.
We recommend Etoro
Active user community and social features such as news flows, cats for specific parts available for trading.
Large range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the main traders for free.
Interrupted: the web platform and the Etoro mobile application are user-friendly and easy to navigate.
