#BTC Bitcoin Price Risks Crash To $31,000 Amid 5-Wave Impulse Completion

A recent analysis by Sniper Academy on TradingView suggests that Bitcoin's price rally, propelled by institutional adoption, might be nearing its end ๐Ÿ“‰. Despite hitting new all-time highs of $111,900 and staying above $100,000, the analyst believes Bitcoin has completed all five waves of the Elliott Wave Theory on the 1-month chart. ๐ŸŒŠ

This completion, with the latest peak as the final wave, indicates the bullish impulse is over and the cryptocurrency has reached the upper boundary of a long-term ascending channel. The analysis points to developing divergence and resistance between $76,000 and $111,000, forming a potential double top, suggesting a downward trend is imminent. ๐Ÿ“‰

The analyst predicts a significant price drop, possibly to $66,000 initially, followed by further declines to $53,000. If these levels don't hold, Bitcoin could plummet to as low as $31,000 ๐Ÿ’ฅ, which aligns with the 0.618 Fibonacci retracement level and the bottom of the channel. This $31,000 mark is then expected to be a key accumulation zone, potentially signaling the start of the next major bull cycle. ๐Ÿš€

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