#Bitcoin❗ - More blood coming! Buy 57k (extremely strong support)
$BTC is currently in a very sharp decline, because the price dropped in the past 4 months by 53%. A lot of people didn't expect such high volatility because they are even new to the market, or they thought that ETF would reduce the overall volatility of this market. The truth is that the market is still extremely volatile, and all ETF investors may be at a massive loss on their account later in 2026, when the price drops to the all-time low of these ETFs. What is my prediction in the short term, and why will Bitcoin probably continue to go down in the next days / weeks ?
I see 2 main issues with the current price of Bitcoin. The first is that $BTC still didn't hit the 0.618 Fibonacci retracement of the previous bull market (2022 - 2025) - this fibo sits at 57,772 USDT. That's the first magnet. The second issue is that Bitcoin still didn't hit the parallel channel's trendline (blue descending channel on the chart). Before any pumps, I would like to see at least 1 of these 2 conditions met, so either hit the trendline or hit the 0.618 fibo.
From the Elliott Wave perspective, these are corrective types of waves, even though they are very sharp. I am still missing the last (Y) wave of the complex corrective wave (W)(X)(Y). I would also like to see a bearish divergence on the RSI indicator. The RSI indicator is oversold, but there is still no divergence, so that's another issue with what I see on the current price of Bitcoin. I am bearish, and I think Bitcoin will hit 57k in the short term. The banks and huge institutions want liquidity as much as possible before a new all-time high, so they want to take all your stop losses.
