How far will the decline in Bitcoin go?
Relief rally; Bitcoin continues to fall. But will there be a relief rally?
Markets always move in waves, so it’s always good to do an Elliott Wave technical analysis. My Elliott Wave count indicates that the wave (A) will complete around 59340 and we will see a relief rally back to 66k. During this relief rally, many alternative coins will pump, so make sure you have some of them.
Is the target 50k?
After that, it seems we’ll continue to decline again. We have three strong supports below. The first support is around 59340 USDT due to previous significant low swings. Additionally, 20% corrections are classic in the market. The second support is at 53080 (the value GAP). The third support is at 50585, which is the liquidity below wave (4). We will likely reach the 50k level sooner or later, so be prepared!
Then we could start a new bull market and reach levels above 100k this year.
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