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Bitcoin News: Potential Downturn to $31,000 Following Market Dynamics
In recent weeks, the bitcoin news has been dominated by the cryptocurrency’s remarkable surge, driven largely by significant institutional purchases. This wave of buying pushed Bitcoin’s price to unparalleled highs of $111,900. Despite a negative shift in market sentiment, it has managed to stay above the $100,000 mark. However, not all analysts are optimistic, with predictions indicating the end of its current bull run.
Analysis of Elliot Wave Theory Indicates Bearish Future
The Elliot Wave Theory, a popular analytical tool among traders as Bitcoin garners mainstream attention, suggests a bearish outlook after completing its five-wave cycle. According to Sniper Academy on TradingView, Bitcoin has already moved through these five phases, with the recent peak at $111,900 marking the culmination of this bullish impulse.
As a result, Bitcoin is now perceived to have reached the apex of a long-term ascending channel. This scenario is typically a bearish signal, signaling a potential reversal in its upward trend. Current chart patterns also show a forming divergence right after this fifth wave, highlighting a loss in momentum amid growing resistance levels between $76,000 and $111,000, potentially setting up for a double top pattern.
Potential Crash to $31,000 Predicted
The completion of the Elliot Wave suggests a drastic correction could be imminent, with initial targets near $66,000—a decline of nearly 50% from current levels. If the downward momentum persists, Bitcoin might see further drops towards $53,000.
Should this support level fail, the price could plummet to as low as $31,000, aligning with the 0.618 Fibonacci retracement level. This price point is expected to become a critical zone for accumulation, setting the stage for the next major bull run.
For more detailed insights and updates on Bitcoin and other financial news, visit [Financier News](https://www.financier.news/).
As the cryptocurrency market continues to evolve, understanding these patterns and predictions becomes crucial for investors. For further information on cryptocurrency trading and investments, check out [Binance](https://www.binance.com/).
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