FX.co ★ Elliott wave analysis of Bitcoin for October 25, 2022

Bitcoin peaked way back in April 2021 with the test of 64,895 and has since been in a corrective double zig-zag correction, but this is also unfolding as an expanded flat pattern. In an expanded flat wave, X exceeds the previous peak which is the case here as wave X peaked at 69,000 and wave C of Y has broken well below the bottom of wave W. BTC price is currently hovering close to the bottom at 17,592. This could have been the low for the corrective decline. If that's the case, then we should see Bitcoin break above resistance at 25,405. However, as long as resistance at 25,405 is able to cap the upside, we can not exclude one more dip closer to 12,000 before this correction finally comes to an end and a new impulsive rally can begin. This new impulsive rally will ultimately break clearly above the former peak at 69,000.