The bearish outlook by the Elliot Wave Theory appeared as Bitcoin tumbled below $35,000.
The ongoing Bitcoin (BTC) price correction could continue as per almost a century-old technical analysis principle called “Elliott Wave Theory.”The interim bearish outlook put forth by the Elliot Wave Theory appeared as Bitcoin tumbled below $35,000 amid the Russia-Ukraine conflict.Bitcoin wave fractal eyes repetitionThe theory, which divides a price cycle into two sets—one consisting of five upward-trending impulse waves and the other having three follow-up corrective waves—points to the possibility of BTC’s price dropping toward $25,500 in 2022. At the core of its bearish outlook is its record of predicting cyclical tops and bottoms throughout the Bitcoin market’s history, as shown in the chart below.BTC/USD weekly price chart featuring Elliott Waves. Source: TradingViewThe Bitcoin chart shows three primary impulse waves (1, 3, an
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