Bitcoin fell below $61,000 amid geopolitical tensions within the Middle East, but technical and historical analysis suggests a potential recovery.
Bitcoin’s price experienced a significant drop below $61,000 as heightened geopolitical tensions shook the markets. The conflict escalated after Iran initiated missile strikes on Israel, triggering a broad sell-off in the crypto space.
Leading altcoins, including Ethereum and Solana, also faced steeper losses, with declines ranging between 5% to 15%. The pullback in prices has added pressure to the crypto market, which had seen relative stability in recent weeks.
Bitcoin’s Wave (4) Correction Nears Completion
Notably, a report shared by analyst Mikybull suggests that Bitcoin is close to the end of its correction. According to the analyst’s Elliott Wave theory chart, Bitcoin is currently in a corrective wave (4), part of a larger five-wave upward structure.
The wave (4) correction is expected to conclude soon, potentially leading to a breakout into wave (5), which is typically an impulsive upward move. Mikybull predicts that the wave (5) expansion could occur this month, particularly on the 22nd.
The analyst also highlights key Fibonacci extension levels, with the 1.618 level positioned at over $90,000, marking a major resistance point for Bitcoin once the correction phase ends. There is also a 2.272 Fibonacci extension at $110,000, which could be a longer-term target for Bitcoin once wave (5) takes off.
Alternative Bullish Outlooks
In addition to this technical analysis, other market watchers have shared more conservative bullish predictions. Raoul Pal, a known advocate for Bitcoin’s long-term potential, has backed a forecast made by another analyst, MartyParty, on X.
This outlook is based on Wyckoff’s Accumulation model, which suggests that Bitcoin is currently in a prolonged accumulation phase, a setup that could precede a significant breakout.
The analysis further projects Bitcoin surpassing $73,777 in the near future, with MartyParty predicting a potential surge beyond $80,000.
Historical Trends and Possible Year-End Gains
Yet another Bitcoin insight provider shared a forecast based on historical trends, predicting that Bitcoin could exceed $100,000 if it follows the usual post-September gains. The projection estimates that Bitcoin could reach $80,518 in October, $89,727 in November, and $106,718 by December.
Historically, October has delivered an average return of 20.66%, while November leads with a 46.81% increase. Meanwhile, December has typically shown more modest gains, with an average increase of 5.45%.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
