Amid Bitcoin's market correction, forecasts based on Elliott Wave analysis are closely watched. Current support levels indicate a possible continuation of the bearish trend.
Current Market Situation
Currently, Bitcoin's value stands at $84,206.34, displaying a 0.4% upward trend. Over the past 24 hours, prices have remained between $83,694.16 and $84,504.31.
Elliott Wave Correction
Elliott Wave analysis indicates the market has entered a major correction phase due to bearish signals. Prices may fall to support levels of $72,800 and between $62,500-$64,000, leading to a deep correction.
Market Implications and Outlook
To avoid a bearish scenario, Bitcoin needs to hold above $78,500 and exceed the $90,000 level, paving the way for growth. The prolonged correction presents opportunities for investors.
Elliott Wave analysis highlights the need for close market monitoring to make timely decisions by traders and investors.
