Bitcoin Elliott Wave Analysis: Brace for a Drop to $94K Before the Next Big Move

Bitcoin's price action is painting a bearish Elliott Wave pattern—and the charts suggest a plunge to $94,000 could be next. But here's where it gets interesting.

### The Elliott Wave Breakdown

If the pattern holds, BTC's current corrective wave might not be done yet. Traders eyeing the $94K support level should buckle up—this could get volatile.

### What Comes After the Drop?

History says Bitcoin doesn’t stay down for long. A bounce at $94K could set the stage for the next leg up—assuming Wall Street doesn’t 'accidentally' trigger another flash crash first.

### The Bigger Picture

Volatility is Bitcoin's middle name. Whether this dip is a buying opportunity or the start of something uglier depends on who’s holding the leverage. As always, the market will humble both bulls and bears—just not equally.

Bitcoin Faces Epic Crash As Wave 2 Unfolds

Luca, a crypto analyst on X (formerly Twitter), has unveiled a foreboding forecast for the Bitcoin price, warning that the flagship cryptocurrency could still be headed for more pain in the short term. The analyst has outlined an Elliott Wave count for Bitcoin that suggests that the cryptocurrency has not bottomed yet. 

According to the 8-hour chart breakdown, bitcoin is in the midst of completing a Wave 2 correction within a broader bullish trend. The chart shows a five-wave corrective structure unfolding, with the final leg potentially leading to a price crash toward the $94,000 support region. This level aligns with both the 0.382 Fibonacci Retracement and a key support zone. 

While Luca reveals that some signs indicate that the correction might have bottomed already, the analyst maintains that one final push lower remains possible before Bitcoin’s next bullish move. The projected dip toward $94,000 is framed as the concluding MOVE of the internal Wave (v) of Wave 2, creating what could be a textbook completion of a corrective cycle. 

With the Bitcoin price currently sitting above the $100,000 psychological level at $105,574, a decline to $94,000 would represent a massive blow to its slowly recovering value. Despite the possibility of an upcoming bullish move, this 11.3% decline from current prices could significantly slow down BTC’s momentum, putting more strain on the already volatile market. Nevertheless, Luca suggests that this decline could present a prime accumulation opportunity, indicating that now may be a favorable time to buy Bitcoin. 

Game-Changing Reversal With Wave 3 Push

Despite the potential for a further pullback, Luca’s broader outlook for Bitcoin remains highly bullish. The Elliott Wave count on the chart signals that BTC is preparing to exit Wave 2 and initiate Wave 3—one of the most powerful phases in the five-wave structure. Once the projected correction to the $94,000 level concludes, Luca expects a strong reversal that could catapult the cryptocurrency to new ATHs. 

A large purple upward arrow on the chart visualizes the anticipated Wave 3 surge, pointing toward a possible target zone above $122,000. This projection is rooted in the technical and historical tendency for Wave 3 to be the steepest and most aggressive wave in the Elliott Wave cycle. With Bitcoin still hovering NEAR a high-confluence support zone, the stage appears set for a decisive rebound in the coming weeks, provided macro conditions don’t shift dramatically.