Analyst Predicts Potential Fall to $88,000
The post Analyst Predicts Potential Fall to $88,000 appeared on BitcoinEthereumNews.com. Amid the latest Bitcoin price struggles, a prominent market analyst has warned of a steeper decline if rejection hits at the $120,000 psychological mark. Technical analyst CasiTrades, who has over a decade of market experience, outlined a setup that could determine whether Bitcoin continues its correction or breaks into new highs. Bitcoin Completes Wave 1 at $112,500 According to CasiTrades, Bitcoin has completed Wave 1 of a corrective A-wave after bottoming at $112,500 earlier today. The analysis notes that this level aligned with multiple targets across different timeframes and also showed bullish divergences on momentum indicators, suggesting that a relief bounce was due. – Advertisement – For context, Bitcoin’s retracement has been ongoing for the past seven days since it briefly touched $124,457. It has since dipped by over 9% from that high. Meanwhile, a strong recovery has yet to materialize. The analyst believes Bitcoin is now entering a Wave 2 bounce, which often retraces a significant portion of Wave 1’s decline. This rebound could extend toward the $119,900–$121,900 zone before the next major downward move (Wave 3) begins. Why This Level Matters If Bitcoin climbs toward the $120K–$122K zone and then faces strong rejection, it could trigger a larger Wave 3 decline. According to Casi, downside targets could reach as low as $88K. However, the bearish setup would be invalidated if Bitcoin breaks into a new all-time high above the previous $124,500 peak. Such a move would require a complete reassessment of the corrective structure. Bitcoin 1hr chart by CasiTrades Large-Cap Altcoins Like XRP Expected to Outperform Bitcoin While Bitcoin battles resistance, CasiTrades expects altcoins to shine during this Wave 2 bounce. She believes large-cap coins like XRP may see stronger upward moves as traders rotate into higher-beta assets while Bitcoin stalls under resistance. At the moment, XRP is…
The post Analyst Predicts Potential Fall to $88,000 appeared on BitcoinEthereumNews.com.
Amid the latest Bitcoin price struggles, a prominent market analyst has warned of a steeper decline if rejection hits at the $120,000 psychological mark. Technical analyst CasiTrades, who has over a decade of market experience, outlined a setup that could determine whether Bitcoin continues its correction or breaks into new highs. Bitcoin Completes Wave 1 at $112,500 According to CasiTrades, Bitcoin has completed Wave 1 of a corrective A-wave after bottoming at $112,500 earlier today. The analysis notes that this level aligned with multiple targets across different timeframes and also showed bullish divergences on momentum indicators, suggesting that a relief bounce was due. – Advertisement – For context, Bitcoin’s retracement has been ongoing for the past seven days since it briefly touched $124,457. It has since dipped by over 9% from that high. Meanwhile, a strong recovery has yet to materialize. The analyst believes Bitcoin is now entering a Wave 2 bounce, which often retraces a significant portion of Wave 1’s decline. This rebound could extend toward the $119,900–$121,900 zone before the next major downward move (Wave 3) begins. Why This Level Matters If Bitcoin climbs toward the $120K–$122K zone and then faces strong rejection, it could trigger a larger Wave 3 decline. According to Casi, downside targets could reach as low as $88K. However, the bearish setup would be invalidated if Bitcoin breaks into a new all-time high above the previous $124,500 peak. Such a move would require a complete reassessment of the corrective structure. Bitcoin 1hr chart by CasiTrades Large-Cap Altcoins Like XRP Expected to Outperform Bitcoin While Bitcoin battles resistance, CasiTrades expects altcoins to shine during this Wave 2 bounce. She believes large-cap coins like XRP may see stronger upward moves as traders rotate into higher-beta assets while Bitcoin stalls under resistance. At the moment, XRP is…
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