Bitcoin 5-Wave Bearish Pattern Hints at Possible 30% Drop in BTC Price: Here’s the Outlook

Bitcoin Price Faces Correction Phase Amid Bearish Outlook

According to technical analysis by MoreCryptoOnline, Bitcoin (BTC) has completed an impulsive downward move consisting of five waves. This suggests the start of a corrective phase known as wave (B) or (2), where the price retraces the recent decline.

Key Resistance Levels

After the completion of the fifth wave around $62,600, Bitcoin is expected to face resistance between $64,040 and $65,650 during the corrective phase. This range may act as a reversal point, potentially triggering selling pressure.

Possible Scenarios

MoreCryptoOnline outlines two potential scenarios:

White Scenario: Wider B-Wave Correction

In this scenario, Bitcoin may experience a short-term recovery or sideways movement within the resistance range before resuming its downward trend. This implies a temporary price rebound within the ongoing corrective phase.

Yellow Scenario: Deeper Drop to $45,000

If Bitcoin fails to break above the resistance zone, it could extend its decline and potentially reach $45,000. This scenario would indicate a more bearish outlook and a continuation of the broader downtrend.

Market Outlook

The market sentiment remains bearish, suggesting that a downward trend may continue after the correction is complete. Traders should closely monitor the resistance zone to gauge the strength of the correction and anticipate future price movements.

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