Photo by Michael Förtsch on Unsplash
 

Bitcoin is showing signs of further downside after completing a complex W–X–Y corrective structure, which forms part of a higher-degree Wave IV correction on the daily chart. With this correction now likely complete, market structure suggests that Wave V is underway.
 

BTCUSD Daily Chart
 

As Wave V unfolds, traders should be prepared for additional weakness within a new five-wave bearish cycle, with a projected downside target near the $75,000 area. This move would align with the typical behavior of a final impulsive wave following a complex correction.

Zooming into the 4-hour chart, Bitcoin appears to be developing Wave 3 of this bearish sequence. This phase is often characterized by strong momentum, increasing the likelihood of a breakdown below the $80,000 support zone in the near term.
 

BTCUSD 4H Chart
 

That said, market participants should remain cautious of a potential Wave 4 corrective pullback, which could temporarily relieve selling pressure before the market resumes its decline. Following such a pullback, a continuation lower in Wave 5 of Wave V would be expected to complete the bearish structure.

In summary, while short-term bounces are possible, the broader technical outlook continues to favor further downside until Wave V fully completes.

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