Bitcoin appears to be forming an ABC correction pattern, with wave B completing precisely at the 1.38 Fibonacci extension of wave A.
Since waves A and B have taken roughly equal time to form, wave C is expected to be longer and more drawn-out.
It seems likely that wave C could extend until around 2028, though an earlier completion by 2025 remains possible.
Wave C targets two key levels, each with its own probability:
The higher-probability target is the 0.618 Fibonacci retracement of wave B, around $33,000.
Alternatively, wave C could match the length of wave A, pointing to around $28,000.
Both scenarios indicate a significant correction before Bitcoin resumes its upward trend.
It's important to note that the price could potentially break the ATH one more time before reversing downward. This scenario might resemble the pattern observed at the end of wave G, where a final upward surge preceded a significant decline.
Since waves A and B have taken roughly equal time to form, wave C is expected to be longer and more drawn-out.
It seems likely that wave C could extend until around 2028, though an earlier completion by 2025 remains possible.
Wave C targets two key levels, each with its own probability:
The higher-probability target is the 0.618 Fibonacci retracement of wave B, around $33,000.
Alternatively, wave C could match the length of wave A, pointing to around $28,000.
Both scenarios indicate a significant correction before Bitcoin resumes its upward trend.
It's important to note that the price could potentially break the ATH one more time before reversing downward. This scenario might resemble the pattern observed at the end of wave G, where a final upward surge preceded a significant decline.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.