Correction Scenario for BTC with ELLIOTT waves
Possible 20% Correction Scenario for BTC
On 07/23, Bitcoin (BTC) lost support at $118,000, triggering a deeper correction scenario, projecting a drop of up to 11%, with a direct target around $104,000, an area where there is strong liquidity accumulation.
After the support break, the first drop took the price down to $111,900. Then, there was a temporary recovery that pushed BTC up to $124,474, marking a new all-time high. This movement configured only a retest below the broken channel. Shortly after, selling pressure returned to dominate, forming a new low at $111,700, before a bounce to $117,400, a point that coincides with the 0.5 Fibonacci retracement of the corrective wave at $118,200.
