In this video, Nick from Cheeky Crypto discusses Bitcoin’s price action on multiple time frames. He believes that Bitcoin is currently in a bearish structure, looking for its fifth wave low as part of a wave three low according to Elliott wave theory.
On the 1-hour chart, Nick observes that Bitcoin is struggling to break out, with a key invalidation level at around 27,300. He expects Bitcoin to continue its downward trend if it fails to break above this level.
On the daily chart, Nick identifies a five-wave structure that Bitcoin is trying to complete. The target range for the fifth wave low is between 22,477 and 23,187. If Bitcoin fails to break out below this range, it could lead to a significant drop, possibly reaching $20,000.
On the weekly chart, Nick observes a long-term trendline that suggests the potential for a $110,000 BTC if history repeats itself. However, he believes that Bitcoin is likely to experience a healthy correction before the next bullish market.
Nick concludes the video by stating that the future of Bitcoin’s price depends on how it reacts around the $20,000 level. He believes that a healthy correction is likely before the next bullish market. However, he also acknowledges the theoretical possibility of Bitcoin dropping to $10,000 or lower.