As illustrated on the chart, here's a simple Elliott Wave outlook for $BTC .
Based on Elliott Wave theory, Wave 3 cannot be the shortest impulse wave in a five-wave cycle. If Wave 5 ends up being similar in size to Wave 3, we can estimate a possible downside target.
Wave 3 declined by approximately 38.5%, while the current Wave 5 decline is around 30%. If Wave 5 remains close to the size of Wave 3, the overall correction could extend to roughly 38%.
Under this scenario, $52,000 becomes a potential target for Wave 5.
Note: This is a long-term market outlook, not a short-term trading prediction, so it doesn't contradict any near-term bullish or bearish setups.
If $BTC eventually reaches that area, it could become an important zone to watch for a potential market reaction.
#BTC $BTC
Based on Elliott Wave theory, Wave 3 cannot be the shortest impulse wave in a five-wave cycle. If Wave 5 ends up being similar in size to Wave 3, we can estimate a possible downside target.
Wave 3 declined by approximately 38.5%, while the current Wave 5 decline is around 30%. If Wave 5 remains close to the size of Wave 3, the overall correction could extend to roughly 38%.
Under this scenario, $52,000 becomes a potential target for Wave 5.
Note: This is a long-term market outlook, not a short-term trading prediction, so it doesn't contradict any near-term bullish or bearish setups.
If $BTC eventually reaches that area, it could become an important zone to watch for a potential market reaction.
#BTC $BTC