Bitcoin is currently showing signs of an impulsive decline following a recent ABC corrective recovery. Price action suggests the market may now be extending lower, potentially entering wave (3) of a larger wave 3 within a five-wave bearish impulse structure. This scenario becomes more likely if price breaks below the 65,000 bearish confirmation level.
As long as Bitcoin remains below the 72,500 invalidation level, downside momentum remains in play. In the short term, the market may still experience a wave (4) corrective pullback, but this could simply set the stage for a further decline into wave (5) of wave 3, continuing the broader bearish sequence.
On the daily timeframe, the structure appears to show wave (C) already unfolding after the completion of wave (B). However, there is still a possibility that wave (B) develops into a more complex and extended correction before the final bearish leg fully plays out.
If downside continuation persists through the year, a major support zone is expected around the 50,000–48,000 area, which could act as a significant reaction zone for buyers or a potential pivot for a larger corrective bounce.
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