Bitcoin 5TH Wave Is Not Over Yet, And Price Could Still Crash To $52,000; Analyst Warns
Bitcoin is now inching towards $70,000, however there is sufficient to fear about round $64,000. Crypto analyst Tara expressed concern that Bitcoin’s fifth wave might not be full, with a prediction that further downside could still be ahead.
In a latest put up on X, the analyst famous that the present transfer might both be the beginning or the final stretch of a fifth wave decline, and there’s nonetheless a chance of the Bitcoin value falling to as little as $52,000.
Double Bottom Support At $59,900 And $60,500
Technical evaluation executed by crypto analyst Tara shows that Bitcoin has built a serious help across the $59,900 to $60,500 vary. This space relies on prior swing lows and a visual double backside formation on the 4-hour candlestick value chart. It additionally coincides with deeper Fibonacci retracement ranges projected from above $70,000.
According to the analyst, Bitcoin might see a powerful response if the worth have been to fall to that area. A bounce from this help might drive the Bitcoin value again to $64,400, which might then be examined as resistance as an alternative of help.
However, such a rebound could solely be short-term. If the macro fifth wave construction continues to play out, the market might nonetheless be organising for one closing push decrease after that retest. According to Tara’s wave interpretation, this closing push decrease might prolong to as little as $52,000.
This degree shouldn’t be but fastened and might be remeasured as value motion develops, nevertheless it represents a potential completion zone for the broader fifth wave. It is vital to notice that Bitcoin really managed to hold above $60,000 all through February, so subsequently, the outlook to $52,000 is a worst-case state of affairs.
Interestingly, the Relative Strength Index indicator on the 4-hour timeframe is trending decrease and approaching oversold territory. Tara suggested merchants to look at for bullish divergence on the RSI throughout the subsequent drop. A bullish divergence on the RSI may very well be the primary signal of the tip of the corrective construction.
Bitcoin Might Register Higher Support At $64,000
Over the previous few weeks, the $64,000 area has stood out as a decisive pivot for Bitcoin, repeatedly flipping between help and resistance relying on the course of value. In a separate update, Tara highlighted that Bitcoin just lately backtested the macro 0.5 Fibonacci degree at $64,400 as resistance earlier than making an attempt to push increased.
Reclaiming $64,000 could be an vital step towards reversing the present bearish macro development. At the time of writing, Bitcoin is buying and selling round $68,220, up 4% over the previous 24 hours. Even so, there’s still a risk of a pullback.
A drop again under $64,000 would weaken the short-term restoration and will expose the prior swing low at $60,500. On the flip facet, bullish momentum could be confirmed if Bitcoin breaks above $70,000.
