According to the analyst, Bitcoin completed its Primary Wave 4 near the $97,900 region before rolling over into Primary Wave 5. This Primary Wave 5, which is a downward wave, is divided into smaller impulse waves. Within that larger decline, Bitcoin is now said to be deep inside Intermediate Wave 3, which is typically the most aggressive and damaging leg of an Elliott Wave move.
Where The Analyst Sees The Bottom FormingOnce that low is established, the next outlook is that a sizeable bear-market rally will follow. The chart projects a recovery back toward the 200-day moving average, with upside targets stretching into the $90,000 to low-$100,000 range. That move was described by the analyst as a counter-trend rally before what could be the next major leg lower later in the cycle.
