Bitcoin Elliott Wave Indicates Possible Crash to $31,000

The recent rally in Bitcoin, driven by institutional buying, pushed the price to new all-time highs, but this upswing appears to have reached its apex according to the Elliott Wave Theory, which suggests a completed five-wave pattern. The completion of these waves at the $111,900 peak signals a potential downward correction. Currently, signs of divergence and resistance around $76,000 to $111,000 indicate weakening momentum and the possible formation of a double top, implying that the next move may be a significant decline. Analyst forecasts point to a sharp drop, with initial support around $66,000, followed by further declines to $53,000. If momentum continues downward, Bitcoin might fall as deep as $31,000, aligning with Fibonacci retracement levels. This valuation could serve as a foundation for accumulation, potentially triggering the next upward cycle once reached. Overall, the analysis underscores a high risk of a major correction following the recent peak, emphasizing caution for bullish investors.