From its peak at 69k last November, bitcoin has fallen more than 70% and many would-be wondering where the bottom would be. I also do not know where the bottom is, but I am expecting it to go down a bit more.
Following is my Elliott Wave counting since last month. BTC has finished its "WXY" pattern and I am perceiving it as completing the last (fifth) wave of the impulse wave.
Looking at it much closer, since the breakout of the symmetric triangle pattern, BTC has created two downward channels (which are waves 1 and 3). Now, it seems like it is in another channel, which I am considering as the fifth and the last bearish wave.
Using the fib extension tool to predict the fifth wave's ending point using the first and third waves' lengths, 18.4k and 17.1k were two probable locations.
While the exact numbers may be wrong, I am having a bearish view of BTC for a bit longer.
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