the Bitcoin’s recent price collapse It’s not just another market downturn, according to analysts; It could be one of the most important phases for its long-term bullish structure in this cycle. Tara, a cryptocurrency market expert, emphasized that this ongoing bounce is laying the foundation The next major bottom for Bitcoin. Her analysis points to a potential wave 5 correction that could see Bitcoin price drop to $94,000 before the next major uptrend begins.
Bitcoin price looks to recover after fifth wave bounce
In a technical analysis shared on social media site X, Tara said It has been detected The recent Bitcoin price correction “is probably one of the most significant corrections we will have in a long time.” It views the decline as a fundamental process is the leading cryptocurrency for Strong recovery in the future. Based on it Elliot wave analysisThere are only two waves left before the broader market shift begins.
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The analyst points out that the main reason why Bitcoin’s price collapse is so important is because it allows for it Relative Strength Index (RSI) to recover, creating the ideal conditions for a bullish divergence. Later, this divergence could create a hard bottom for BTC, which is a crucial signal to start a trend. Renewed uptrend.
In her chart, Tara identifies the key Fibonacci retracement zone between $103,400 and $104,900 as the resistance band for her current wave. The 0.382 Fibonacci level is located near $103,478, where Bitcoin price crosses the moving average (MA), while the 0.5 Fibonacci level is in line with $104,943. The analyst notes that this range could serve as a crucial pivot zone before BTC resumes its correction in Final wave 5 Down to $94,000.
Additionally, the chart shows that Bitcoin is currently pulling back from the previous low near the 0.618 Fibonacci extension around $103,755.79. Trading volume It is also down over 48% over the past 24 hours, while the Relative Strength Index remains weak at 33.96, indicating that… The market is still in the oversold zone.
Why the path to $94,000 is important for the next bull cycle
In response to questions from members of the cryptocurrency community in her X post, Tara He explained Bitcoin could first rise to $104,000, which represents a 0.97% increase from current levels over $103,000, before falling 9.6% to $94,000. she expected A price bottom will occur quickly and soon, while it may take longer for Bitcoin to build strong support before pulling back to a bottom A new upward phase.
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Tara stated Constant bounce It can peak on the day it is analyzed, but the bottom may take a few more days to form. Despite the expected “pain”. Reassured Market watchers believe a correction is necessary Bitcoin’s next stop is up. She also confirmed that the market may not feel the upside until mid-December 2025.
Featured image from Pixabay, chart from Tradingview.com
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