The Bitcoin (BTC) price crash to $74,000 has left traders speculating whether the cryptocurrency has finally hit a bottom. However, a CMT-certified analyst suggests that Bitcoin’s price correction is far from over. He has predicted an even deeper pullback to $38,000 – $42,000, which he identifies as Bitcoin’s final price bottom.
In a detailed Elliott Wave-based chart analysis, CMT-certified technical analyst Tony Severino outlines a classic 5-wave impulsive structure that appears to have completed its final leg near $85,000. Severino’s analysis highlights that Bitcoin’s latest decline to $74,000 is merely the start of a broader ABC corrective pattern, potentially driving the cryptocurrency down to a bottom in the range of $38,000 – $42,000.
New Bitcoin Price Bottom Incoming
In Bitcoin’s 5-wave impulse structure, Wave 1 began with a sharp bear market low, followed by Wave 2, a corrective pullback. Wave 3 marked the strongest upward move, subdivided into five smaller waves (i to v). After the market paused briefly for a pullback in Wave 4, Wave 5 kicked off with a final push toward a peak near $85,000.
Following the top of Wave 5, Bitcoin’s ABC corrective structure began, marked by the red line on the chart. According to the analyst, the cryptocurrency is currently completing Wave A of this corrective pattern, which is expected to bottom out near $62,000 – $65,000 by June 2025. This price range coincides with the previous main correction zone around Wave 4, which is a common target for Wave A retracements.
Notably, a bigger concern comes after Bitcoin’s possible crash to $65,000 – $62,000. The analyst anticipates a short-lived bounce in Wave B, followed by a more pronounced decline in Wave C. This downturn is expected to push the Bitcoin price to its final bottom target between $38,000 and $42,000 by April 2026. This pullback target further aligns with the iv sub-wave of Wave 3, which often serves as a key retracement zone during market corrections.
Severino has confirmed through his technical analysis that the market is now in a bear phase. His price chart incorporates cyclical timing models, marking a complete market cycle characterized by a bull market peak in 2025, followed by a bear market extending into mid-2026. This timeline is consistent with Bitcoin’s typical four-year halving cycle, where the market reaches its peak the year after the halving event before entering a bear market phase.
Analyst Flags Death Cross In BTC’s Chart
According to reports from BarChart on X, Bitcoin has just formed a Death Cross on its price chart for the first time since September 2024. A Death Cross occurs when the 50 Moving Average (MA) crosses below the 200 MA.
This distinct chart pattern is often considered a bearish sign, indicating that a potential downtrend might be on the horizon. Considering Bitcoin’s price has declined to $78,900 at press time, the appearance of a Death Cross indicates a possibility of further breakdown and consolidation.
Featured image from Unsplash, chart from Tradingview.com
