Bitcoin Faces 11.3% Drop to $94,000 Before Potential Rebound

Bitcoin (BTC) has been experiencing significant volatility and downward pressure recently. Analysts caution that the downtrend may not be over, with projections indicating a potential crash to $94,000 in the near future. According to the Bitcoin Elliott Wave count, the cryptocurrency is in a vulnerable phase that could trigger further losses, despite market efforts to rebound. However, the analyst notes that after this projected crash, Bitcoin could potentially reverse upward to new levels.

Luca, a crypto analyst, has issued a warning that Bitcoin could face more short-term pain. The analyst's Elliott Wave count for Bitcoin suggests that the cryptocurrency has not yet reached its bottom. According to an 8-hour chart breakdown, Bitcoin is 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 some signs indicate that the correction might have bottomed, Luca 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, a decline to $94,000 would represent a significant blow to its slowly recovering value. Despite the possibility of an upcoming bullish move, this 11.3% decline from current prices could 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.

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 all-time highs. A large 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.