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The Bitcoin (BTC) Price crash for $ 74,000 has left traders speculate Whether the cryptocurrency has finally hit a bottom. However, a CMT certified analyst suggests that the price correction of Bitcoin is by no means over. He has predict An even deeper withdrawal to $ 38,000 – $ 42,000, which he identifies as the bottom of Bitcoin.
In a detailed one Elliott Wave-based graph analysisCMT certified technical analyst Tony Severino outlines a classic 5-golf impulsive structure That seems to have completed his last stage near $ 85,000. The analysis of Severino emphasizes that Bitcoin’s latest decline Up to $ 74,000 is only the start of a broader ABC -corresponding pattern, which may be the cryptocurrency to a bottom in the range of $ 38,000 – $ 42,000.
New Bitcoin -Price soil income
In Bitcoin’s 5-golf impulse structure, Wave 1 started with a sharp bear market low, followed by Wave 2, a corrective withdrawal. Wave 3 marked the strongest upward movement, subdivided into five smaller waves (I to V). After the market briefly paused for a pullback in Wave 4, Wave 5 started with a last push in the direction of a peak near $ 85,000.
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After the top of Golf 5, Bitcoin’s ABC Corrective structure Started, marked by the red line on the graph. According to the analyst, the cryptocurrency is currently completing Golf A of this corrective pattern, which is expected to go out in June 2025 near $ 62,000 – $ 65,000. This price range coincides with the previous main correction zone around Golf 4, which is a common goal for Golf Arracements.
In particular a greater care comes afterwards Bitcoin’s possible crash Up to $ 65,000 – $ 62,000. The analyst expects a brief bouncing in Golf B, followed by a more pronounced decrease in Golf C. This decline is expected to be the Bitcoin price to its Final base target Between $ 38,000 and $ 42,000 in April 2026. This pullback target white also corresponds to the IV subgolf of Wave 3, which often serves as an important retracement zone during market corrections.
Severino has confirmed by its technical analysis that the market is now in a hole -phase. Its price diagram contains cyclical timing models, which marks a full market cycle that is characterized by a Bull Market Peak in 2025, followed by a bear market that extends to mid -2026. This timeline is consistent with the typical of Bitcoin Four -year -old half -time cycleWhere the market reaches the year after the halving event before it starts a Bear market phase.
Analysts flag Death Cross in the graph of BTC
According to report Van Barchart on X has just had Bitcoin one Death Cross on his price chart For the first time since September 2024, a death cross occurs when the 50 Moving Average (MA) crosses under 200 MA.
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This individual graph pattern is often considered a bearish board, indicating that a potential decrease can be on the horizon. Given that the price of Bitcoin on the press has fallen to $ 78,900 Further breakdown And consolidation.
Featured image of Unsplash, graph of TradingView.com