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

On Tuesday, the Bitcoin price briefly dipped below the significant $100,000 threshold for the first time since ￰0￱ 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 highlighted a range of factors contributing to the Bitcoin price downturn, including selling activity from exchange-traded funds (ETFs), and large-scale investors known as ￰1￱ suggested that fear among investors is reaching a peak, indicating a phase of significant ￰2￱ Reading: Dogecoin Volume Spike To $2 Billion Might Be Bearish, Here’s Why Amid these developments, reports have emerged that the Bitcoin price is undergoing an Elliott Wave ￰3￱ suggest that Wave (5) appears to be complete, and Wave (B) might have reached its ￰4￱ could set the stage for a deeper Wave (C) correction, potentially bringing the price down to the $70,000 to $75,000 ￰5￱ would mean an additional 30% decline ahead for the market’s leading ￰6￱ 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) ￰7￱ At Risk Further complicating the outlook, market analyst Ted Pillows emphasized that merely conducting quantitative tightening (QT) would not suffice to stabilize the ￰8￱ 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 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 ￰9￱ a few may outperform, the majority are expected to decline ￰10￱ 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, ￰11￱ image from DALL-E, chart from ￰12￱