Bitcoin‘s recent price action has been as thrilling as a rollercoaster ride at an amusement park. After reaching a new all-time high of $111,814, the leading cryptocurrency climbed back above $110,000 on Monday, only to plummet back down below $105,000 in the past 24 hours. 🎢
Profit-taking and geopolitical tensions have contributed to a risk-off environment that has left Bitcoin teetering on the edge of a cliff. But fear not, dear reader, for the fate of Bitcoin lies in the hands of the mystical Fibonacci sequence! 🔮
The Final Fibonacci Resistance: A Battle for the Ages
According to a new analysis shared by the enigmatic crypto analyst XForceGlobal, Bitcoin’s current corrective structure could deepen if it fails to overcome the 88.6% Fibonacci resistance level. The analyst highlighted that the bullish impulse that carried Bitcoin now appears to be losing steam. 🐢
The price zone around $110,500, which is marked by the 88.6% Fibonacci resistance, has not been convincingly breached, casting doubt on the strength of the current wave structure. If this resistance level fails to break soon, there is a slight possibility of a deeper pullback. 😱
If this pullback does occur, this would lead to the formation of a corrective wave C, and with distinct symmetry in an ABC corrective pattern. In this case of the corrective Wave C playing out, the next central area of interest lies around the $94,000 level, an area that aligns with the completion of a larger impulse Wave 2. 📉
Wave 2 Dip to $96,000 Before Bullish Wave 3 Begins
The rundown of a corrective Wave 2 and a bearish impulse Wave 2 is based on the outlook of Bitcoin failing to clear the 88.6% Fibonacci resistance at $110,000. Applying the Elliott wave count on the current price action shows that the recent push to $111,814 all-time high was a larger bullish impulse Wave 1. However, the ensuing correction since then has also played out in the form of a sub-wave 123 structure, and an ABC corrective pattern. Altogether, these are expected to make up a larger corrective impulse Wave 2. 🌊
Nevertheless, XForceGlobal noted that Bitcoin is still in a highly bullish structure on the macro level. If the price action plays out this way, the next move after the impulse Wave 2 to $94,000 would be a reversal upwards with bullish impulse Wave 3. In this case, the analyst projected an expansion move that would send Bitcoin to another all-time high. Notably, the price target in this case would be a surge above $118,500. At the time of writing, Bitcoin is trading at $105,000, down by 2.5% in the past 24 hours. 📈
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2025-06-13 20:11