- Bitcoin price is down 7% in line with Crypto Patel Elliott Wave Analysis, with support now at $96k.
- The Fibonacci retracement shows Bitcoin could fall to $90,048 or $85,063 if the $96K support fails, creating new entry levels.
- A strong price recovery is expected, and future targets are forecast at $120-135 thousand after the fourth wave of correction ends.
Bitcoin’s price fell 7% to $100,544 and was in perfect alignment with the Elliott wave analysis provided by Crypto Patel. The ongoing Wave 4 correction has brought critical attention to Bitcoin’s key support areas and projected future targets. Analysts predict that Bitcoin could rebound sharply with a potential high between $120,000 and $135,000 once the correction ends.
Source: CryptoPatel
Key Support Levels to Watch for
The token’s primary support level is $98,000 and the secondary support range is $96,000 to $98,000. If the $96,000 zone breaks down, prices could fall further towards the $90,048 level, which corresponds to the 0.382 Fibonacci retracement level. Another critical Fibonacci level at $85,063 could serve as deeper support if the decline continues.
Crypto Patel previously identified an entry range between $106,000 and $108,000, which allowed many traders to capitalize before the recent decline. Traders now expect Bitcoin could fall another 7.8%, or $8,370, as the wave 4 correction nears completion.
What should traders focus on?
Crypto Patel stresses that high leverage trades should be avoided as Bitcoin approaches critical support levels where risks of further downside remain high. If prices fall below $96,000, Bitcoin could test $91,000 and $86,000 before recovering. Traders are advised to wait for wave 4 to fully develop before entering long positions.
The current stage opens up opportunities for cautious traders who manage risks effectively. With projected price targets between $120,000 and $135,000, Bitcoin’s long-term prospects remain strong despite near-term volatility.
Future price movement
Bitcoin’s long-term potential remains bullish, with Elliott wave analysis suggesting a significant rise in prices following the completion of wave 4. The expected upward move is consistent with historical market patterns, providing traders with opportunities for strategic entries at lower levels.
The question is: are traders ready to handle the current volatility and prepare for the projected rise to new highs?
As the market continues to correct, Crypto Patel’s information on support zones and future targets provides valuable guidance. Bitcoin’s price action in the coming days will determine whether it returns to $120,000 or whether it experiences a deeper correction.
