According to his detailed Elliott Wave analysis shared on X, the price action has now invalidated the bullish framework many traders were relying on, and lower levels are becoming more likely in the coming weeks and months.
Breakdown Below Previous Low Changes Primary Wave Count
The second scenario is a macro ending diagonal structured as a WXY move to the downside. This scenario uses the October 2025 all-time high above $126,000 as a cut point to improve wave separation of the current price action. Interestingly, the price projection from this scenario also aligns with targets in the same $60,000 area. Despite different technical paths, both interpretations point to comparable downside risk over the medium timeframe.
Featured image from Pixabay, chart from TradingView
