GuruTrardin Analysis for Bitcoin (BTCUSD) - Weekly Chart
▪️In our previous analysis, we anticipated a corrective decline without the need for price to break the previous high at $109,588.
▫️However, the market exceeded that level, reaching a new peak around $111,323. This upward move suggests a stronger-than-expected wave B within a complex correction.
▪️Nevertheless, our broader outlook remains bearish.
▫️We now expect the ongoing correction to unfold as an Irregular Flat pattern within wave (2) of a larger degree.
▪️This corrective structure typically consists of three waves:
🔹️Wave A ended at $74,508
🔹️Wave B has extended beyond the top of wave (1), reaching the 127.2% Fibonacci extension
🔹️Wave C is expected to begin soon, targeting levels around $50,000 or lower, near the 161.8% Fibonacci projection of wave A
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