Bitcoin Price Crash Predicted: $94,000 Dip Before Surge?

Bitcoin (BTC) is facing a potential price crash to $94,000, according to an Elliott Wave analysis by crypto analyst Luca on X. This prediction suggests the cryptocurrency is in the midst of completing a Wave 2 correction within a larger bullish trend. The analyst's 8-hour chart breakdown reveals a five-wave corrective structure, with the final leg potentially reaching the $94,000 support level, coinciding with the 0.382 Fibonacci Retracement. While some indicators suggest the correction may have bottomed, Luca believes a final push lower is possible before a significant bullish reversal. The $94,000 level represents a potential 11.3% decline from the current price of approximately $105,574, which, while a substantial drop, is viewed by Luca as a potential buying opportunity. Despite this short-term bearish outlook, Luca's overall forecast for Bitcoin remains strongly bullish. The completion of Wave 2 is expected to initiate Wave 3, a historically powerful and steep phase in the Elliott Wave cycle, potentially propelling BTC to new all-time highs (ATHs). Luca's chart shows a projected Wave 3 surge targeting a price above $122,000. This optimistic outlook hinges on the assumption that macroeconomic conditions remain relatively stable. The confluence of a high-confluence support zone near the current price and the anticipated Wave 3 surge suggests a strong rebound is possible in the coming weeks. However, the significant predicted price drop to $94,000 represents a considerable risk, emphasizing the inherent volatility of the cryptocurrency market.

(Source: https://www.newsbtc.com/news/bitcoin/bitcoin-further-crash-to-94000/)