Bitcoin Price Analysis: BTC on Path to Surpass $59.6k Threshold

Bitcoin Downtrend Analysis

We have 2 fair value gaps in the daily chart of Bitcoin. The first gap ranges from 64.5k to 63.1k, aligning with my wave 3 target, which is the 1.618 level of wave 1 measured from the top of wave 2. The second fair value gap, extending from 62.5k to 59.6k, is significant and likely to be filled, representing my wave 5 target.

If the bulls fail to maintain the 59.6 level, a rapid drop to 54.5 is expected, as there is another fair value gap at that point. For those expecting a new all-time high, it might be a challenging journey as I anticipate a range between 56.8k to 52.1k before such levels are reached.

Feel free to share your thoughts on this analysis. As a newly profitable trader, I am excited to offer my insights and eager to hear your feedback.