Bitcoin Price Expected to Plummet Further Amid Elliott Wave Analysis

The Bitcoin price has been declining since its peak on May 6, 2026, and according to an Elliott Wave analysis, this downward momentum is expected to continue. The short-term Elliott Wave structure shows a clear five-wave impulse from the May 6 high, with wave ((i)) concluding at $74,192, followed by a corrective rally in wave ((ii)) that terminated at $78,000. This was then followed by a decline in wave ((iii)), which itself unfolded as a smaller degree impulse.

Within this sequence, wave (i) ended at $72,462, while wave (ii) produced a modest rally that finished at $74,223. The downward momentum continued as Bitcoin advanced into wave (iii), reaching $61,310 before a corrective rally in wave (iv) ended at $64,687. Subsequently, wave (v) drove prices lower to $59,104, completing the larger wave ((iii)). A rebound then materialized, and wave ((iv)) is proposed to have concluded at $64,197.

From that level, the cryptocurrency has resumed its descent, reinforcing the broader bearish structure. The near-term analysis suggests that as long as the pivot at $78,000 remains intact, rallies are expected to fail. This means that any upward movement will likely be short-lived and followed by further downside pressure.

A potential downside target is projected through the 100%, 123.6% Fibonacci extension measured from the October 6, 2025 high. This extension aligns with the $41,400, $52,200 price zone, an area where notable support may emerge.