Ah, the illustrious Bitcoin! A creature of such capricious temperament, it has recently found itself in a rather tumultuous tango, pirouetting from a dizzying high of $124,128 to a more pedestrian $117,000 to $118,000 in the blink of an eye-an impressive feat for a digital currency, if I may say so! One might wonder if the bearish brigade, those ever-looming specters of pessimism, are sharpening their claws, ready to pounce on this beleaguered beast.
Analyst Unveils the Bearish Ballet of Bitcoin
In the grand theater of cryptocurrency, Bitcoin had begun to waltz gracefully in early August, buoyed by a bounce from a lowly $112,000. Yet, as soon as it reached its latest zenith, the sellers, like a troupe of disgruntled critics, rushed in to pull the curtain down. The momentum, once a lively jig, has now faded into a slow, melancholic dirge. The relative strength index (RSI), that fickle friend, hints at a bearish divergence, whispering sweet nothings of doom into the ears of the hopeful.
On the social media stage known as X, our intrepid analyst, CasiTrades, has sketched a rather ominous roadmap for Bitcoin, suggesting it may be embarking on a grand ABC corrective structure. Picture this: Bitcoin, in its first act, plunges to $112,000, then enjoys a brief intermission at $120,000, only to dive headfirst into the depths of $89,000. The final act? A dramatic retest of $100,000 before a descent to the ultimate nadir of $77,000. Bravo! What a performance!
Chart Image From X: CasiTrades
Our analyst’s chart, a veritable tapestry of wave counts, reveals the intricate dance of subwaves. And lo! The ultimate target for this correction, a tantalizing $60,000, lies at the golden 0.618 Fibonacci retracement. But, dear reader, this is contingent upon the completion of the ABC waves-an ambitious endeavor, to say the least!
A Bearish Symphony Amidst the Bullish Chorus
As the curtain rises on this analysis, it presents a sobering counterpoint to the cacophony of bullish predictions that echo through the crypto halls, where many still dream of Bitcoin soaring to $150,000 and beyond. Despite the siren calls of strong institutional inflows and technical milestones, CasiTrades’ bearish scenario looms like a dark cloud over the festivities.
If Bitcoin fails to reclaim its bullish swagger, this correction could morph into a deeper abyss, transforming the $124,000 high from a mere intermission into the grand finale of this cycle.
While many cryptocurrencies have danced in tandem with Bitcoin’s movements, CasiTrades’ analysis does not spell doom for the entire crypto ensemble. Should this bearish tale unfold, it may trigger a long-discussed capital rotation out of Bitcoin and into the arms of large-cap altcoins, some of which might just waltz their way to new all-time highs, even as Bitcoin takes a bow. As of this moment, Bitcoin is trading at a modest $118,203-what a curious spectacle!
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2025-08-17 21:00