Recent market patterns suggest Bitcoin could be nearing a dramatic conclusion to its longstanding growth cycle, and technical indicators are hinting at a significant pullback. The latest development hints at the formation of an "ending diagonal" pattern, or what’s often called a rising wedge—a pattern in Elliott Wave Theory that appears at the final stages of an impulsive wave cycle. This wedge forms through a corrective 3-3-3-3-3 structure and signals a high probability of reversal. This wave might well mark the culmination of Bitcoin’s growth trajectory since its inception, with a potential to erase much of the progress achieved over the years.
The scope of this projected correction is substantial, with no strict limit on its depth. However, analysis indicates it could align with the lower-degree fourth wave, potentially settling around the $3,000 level—a figure that coincides with a key volume profile support zone. This outcome could become increasingly likely if, instead of rallying toward new highs, Bitcoin slips below the $66,500 mark. Should that breakdown occur, we may see a move down to the $59,000-$60,000 range, followed by a final push up toward $80,000.
Once Bitcoin reaches this anticipated peak, any signs of a reversal would provide strong justification to pivot focus exclusively to short positions, aiming at levels significantly below $10,000. If this scenario unfolds, a substantial downturn could follow, driving Bitcoin to levels not seen in years. Traders might consider preparing for this potential shift, as the market hints at a historic and potentially severe correction ahead.
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