Bitcoin Reversal in Focus –Elliott Wave Signals Further Downside

Bitcoin Reversal in Focus – Elliott Wave Signals Further Downside

Hello traders,

BTC has now broken firmly below a key support zone, confirming stronger short-side pressure and signalling the potential start of a medium-term reversal.

The 112k level, which twice acted as firm support, has finally given way. With that break, the market is now looking lower, with Fibonacci Extension pointing towards 97k–98k as the next major downside objective.

From an Elliott Wave perspective, price is in wave 3 of the decline and has not yet reached the corrective bounce expected for wave 4. The 105k region may provide temporary support, leading to a short-lived recovery, before a final wave 5 drop completes the structure towards 97k, or possibly 95k. That zone could present the next meaningful opportunity for medium-term longs.

Momentum indicators support this outlook – the MACD shows both volume and averages pressing lower, reinforcing the bearish bias.

I’ve highlighted the critical levels on the chart. Use them as guidance, but keep risk management tight and stay disciplined with your trading decisions.

What’s your perspective on BTC here? Do you see 97k coming into play soon? Share your thoughts in the comments.