Technical analyst and founder of 7th Key Financial, known on X as JTheretohelp1, stated that a bearish pattern on the Bitcoin chart has completed, and the price has already turned downward. He titled his publication as the final warning.
The author analyzes the chart using Elliott Wave Theory. In his opinion, an expanded correction has formed on the chart of the first cryptocurrency within a downtrend. This pattern consists of three waves: A, B, and C. Wave B goes above the start of wave A, while wave C breaks the minimum.
The analyst starts counting from the January peak of 2026. According to his description, wave A stopped at $87,000, wave B lowered the price to $57,700, and wave C returned Bitcoin to $87,000. This corresponds to the 1.272 Fibonacci target level. According to the author, many market participants took profits at this level.
The minimum target of the pattern, according to the analyst, has already been reached, and the decline has begun. He clarified that this is his personal assessment, but he described the outcome as undoubtedly bearish.
According to the author, two levels can confirm or refute the scenario.
The first level is $74,000, the peak of wave 4. A weekly close below this price, in his opinion, will pave the way for further decline. If Bitcoin then loses the $57,000 mark, the pattern will be confirmed definitively, and much lower prices lie ahead, according to the analyst.
The second level is $97,000. A weekly close above this mark, he says, will destroy the bearish structure. On the chart attached to the post, this level is labeled as the entry into a new bullish cycle.
At the time of publication, Bitcoin was trading around $81,700, approximately midway between the two key levels mentioned by the analyst.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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