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Title: Bitcoin Elliott Wave Projection: Final Wave (5) to 84K Before Reversal?Summary:Bitcoin (BTC/USDT) is currently in an Elliott Wave structure, completing Wave (4) and preparing for a final Wave (5) decline. Technical analysis, on-chain metrics, and order flow data suggest BTC could drop to the $84,000–$86,000 range before a potential recovery.Technical Analysis:Elliott Wave StructureBTC is forming a classic five-wave impulse pattern.Wave (4) retraced upward but faced resistance at $91,827.Wave (5) is projected to target 84K–86K before finding strong support.Descending Channel & TrendlinesBTC remains inside a bearish parallel channel.A breakdown below 88K could accelerate the decline.Key support zones: $89,732 and $88,025.Indicators & Market StructureRSI: Bearish divergence.MACD: Momentum weakening, bearish crossover forming.VWAP & Order Flow: Selling pressure dominates.On-Chain & Quantitative Analysis:Exchange Reserves & Whale MovementsBTC reserves on exchanges are increasing, suggesting potential sell-offs.Whales are offloading BTC, contributing to the downtrend.Derivatives Market SentimentFunding Rates: Slightly negative, signaling bearish positioning.Open Interest Drop: Suggests liquidation of long positions.Liquidation Heatmap: Clusters around 88K–85K, confirming target zones.MVRV Ratio & Accumulation ZonesBTC is nearing undervalued territory, indicating a possible reversal after Wave (5).Trading Plan:Short-Term Bearish Bias: Potential shorting opportunities on breakdowns below 88K.Long-Term Reversal Setup: Monitoring 84K–86K for bullish confirmations.Triggers for Long Reentry:Bullish divergence in RSI & MACD.Increase in whale accumulation.Funding rates turning neutral/positive.Conclusion:BTC is likely to complete Wave (5) down to 84K–86K, followed by a potential reversal. Traders should watch for key support levels and on-chain accumulation signals before entering long positions.
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