We find ourselves currently facing the primary pessimistic scenario in the context of $BTC price dynamics. The digital currency has recently dipped below the $15,000 mark, marking the culmination of the final bearish wave 5. Concurrently, a pivotal juncture looms at approximately $21,000, where the price will determine the course of our trajectory, whether it signals a continuation of the bullish trend or not.
The primary alternative scenario unfolding at present is an ABC zigzag correction within the framework of wave 2 in the nascent bull run. It is our firm belief that wave A within this ABC pattern has been successfully concluded, exhibiting a quintessential Elliott wave structure characterized by five distinct waves. This, in turn, implies that we can anticipate observing a similar five-wave pattern in wave C.
Chart 1. BTC price.
The immediate course of action necessitates patience, as we await the culmination of wave B. This specific wave carries a target zone situated at the 0.61 Fibonacci level, approximately at the $28,500 threshold. It is from this juncture that we will be able to derive measurements for the potential downturn.
Best regards, Skyrex team
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