According to Elliott Wave analysis, Bitcoin's fifth wave appears to have completed at a high of $25,250 and the price has fallen from that level. The key support level of $21,510 has been broken, as well as the Fibonacci level of 0.5 at $20,363. It's important to wait for a daily close to confirm whether the 0.618 Fibonacci level at $19,209 can hold as major sell-offs may occur if it fails. The potential levels to watch for are $17,567, $15,476, and $12,817. The golden ratio of 0.618 also supports the $19,209 level as a critical support.
It's worth noting that this Bitcoin collapse is driven by the actions of central banks of all countries, and if Bitcoin can survive the Fed rate hike, we may see a new all-time high. However, this remains to be seen and will depend on a range of economic and geopolitical factors. In summary, Bitcoin is currently experiencing a significant correction and it's important to keep an eye on the key support levels mentioned above to gauge its future direction.
It's worth noting that this Bitcoin collapse is driven by the actions of central banks of all countries, and if Bitcoin can survive the Fed rate hike, we may see a new all-time high. However, this remains to be seen and will depend on a range of economic and geopolitical factors. In summary, Bitcoin is currently experiencing a significant correction and it's important to keep an eye on the key support levels mentioned above to gauge its future direction.