Bitcoin Downside Targets – New Bull Market Once BTC Clears This Level

There have been all kinds of predictions about the price of Bitcoin these days, and the latest one is pretty optimistic – but, as always, there is a catch. Check out the latest details about where BTC is heading below.

An expert in cryptocurrency is predicting a potential downward movement for Bitcoin (BTC) once it surpasses $27,000.

Credible Crypto, a well-known analyst on social media platform X, believes that BTC could experience a dip down to $24,900 and still remain on track for a bullish market cycle.

This can be seen on a chart marked with three important levels: the blue level (around $26,400) signifies official confirmation of the incoming dip, the orange level (around $25,600) is the ideal downside target for this dip, and the red level (around $24,900) represents a bullish invalidation, meaning it’s important not to go below this level.

The extent of the dip will depend on how much momentum BTC can maintain.

The trader is closely monitoring Bitcoin options open interest (OI) to help determine the market bottom in the near future. OI is a key metric to keep an eye on.

The chart above shows that less than half of the OI that increased during the pump has been closed so far.

If the market falls below the BLUE line, it could trigger liquidations that push it towards the ORANGE line, causing those who just invested to exit the market. When the OI from this pump fully resets, it is likely that the majority of the downside has passed.

As per the trader’s analysis, Bitcoin’s bullish cycle remains intact if it stays above $24,900 in the near future.

The ideal scenario would be to move below the ORANGE level and attract liquidity from below, while still maintaining a bullish market structure above the RED level.

The trader further suggests that Bitcoin might be forming a corrective Elliott Wave W-X-Y pattern, which could bring it down to $25,000 before a potential rise to $28,000, indicating a bull market. Let’s wait and see how things unfold.