Technical analysis of Bitcoin’s price action on the weekly candlestick timeframe chart shows the cryptocurrency has completed a five-impulse wave that goes as far back as early 2023. This impulse wave count ended with Bitcoin’s peak above $126,000 in October 2025 and the cryptocurrency is now playing out corrective waves ABC.
Based on the Elliott Wave theory, Xanrox noted that Bitcoin may already have completed a sharp decline from a projected 2025 peak near $125,000 down to the low-$80,000 range, labeling that move as a corrective wave A. The price action is now viewed as being in a bullish counter-trend phase, commonly referred to as wave (B) or (X), which is known to retrace a portion of the prior decline before rolling over.
Xanrox’s analysis places Bitcoin within a long-term linear structure stretching from 2017 into 2026, highlighting how previous market cycles ended with deep corrections after euphoric peaks. The analysis uses the 2018 and 2022 drawdowns, which erased more than three-quarters of Bitcoin’s value each time, as anchors for what could unfold next for the leading cryptocurrency.
