Bitcoins, the world’s #1 cryptocurrency based on market cap has sold off ever since it made a high of $19,187.78 on December 17, 2017. The current downtrend as shown on the Daily tf is a WXY Elliott wave structure with price action currently in a descending wedge for the wave [[Y]]. It appears that there is one more leg downwards i.e. w before any bull move can be sustained.
POI = Point of invalidation. A descending wedge allows for w to overlap w. However, I do not want to see that happening to make this analysis valid.
Wave Y = ~238.2% Wave W is acceptable for a WXY structure. This gives a target area of ~$4808.46. The other likely targets of Bitcoin are also marked on the chart (very close to the $5,000 area). Arrow shown on the chart is not a projection. I used it to show the possible trajectory for the price of Bitcoin
Disclaimer: This is meant for information purposes only. My opinions are my own and this should NOT be used as a buy or sell recommendation.