Bitcoin Dips Below Key Support, Analysts Predict Further Declines

Bitcoin’s price has entered a bearish phase after falling below a critical support level that had upheld its rally for several months. As of this moment, Bitcoin trades at $78,560, having dropped as low as $77,082 in the past 24 hours. Crypto analyst XForceGlobal indicates that this movement signifies a substantial shift in the market’s technical landscape.

Key Takeaways

Bitcoin's price has dropped below a critical support level, signaling a potential bearish trend.
Analysts are predicting further declines, with targets around $60,000.
Two primary market scenarios under consideration indicate similar downside risks.
A reevaluation of Bitcoin's wave count may indicate a struggle in maintaining bullish momentum in the near future.

Bitcoin

XForceGlobal’s detailed Elliott Wave analysis suggests that the recent price action has invalidated the bullish outlook many traders were counting on, pointing towards the likelihood of lower price levels in the weeks and months ahead.

Impact of Falling Below the Previous Low on Wave Count

XForceGlobal explains that Bitcoin was previously navigating through a complex sideways pattern, known as a WXY combination, which was anticipated to resolve through distribution rather than a full breakdown.

While bulls successfully completed three out of five necessary components of this triangular structure, the failure to maintain the previous low—specifically the $82,000 low from November 2025—served as a critical signal for a structural change. This prior low could not be defended as Bitcoin broke below the $80,000 mark in the latest 24-hour trades.

Bitcoin is currently trading at $78,940. Chart: TradingView

With the breakdown of that level, the primary wave count was disrupted. According to the Elliott Wave count, this lower low now indicates that the price action from the all-time high must be reconsidered as corrective rather than indicative of a healthy continuation. This recalibration allows for a broader range of potential declines, impacting how minimum and maximum downside targets are assessed.

Bitcoin Price Chart. Source: @XForceGlobal On X

Two Bearish Scenarios Suggest Similar Price Targets

Analysis reveals two primary scenarios for Bitcoin's price trajectory moving forward, both of which converge around similar lower levels. The first scenario involves a flat correction, wherein Bitcoin is currently in the C wave. Although XForceGlobal perceives this as the less preferable option, it would indicate a complete distribution range that invalidates the bullish structure, potentially pulling Bitcoin’s price down to $60,000.

The second scenario involves a macro ending diagonal represented as a WXY move downward, where the October 2025 all-time high of over $126,000 acts as a pivotal point for improving the separation of the current price action. Notably, the price projections from this scenario also align with targets near the $60,000 region. Despite the contrasting technical paths, both scenarios suggest comparable downside risks over the medium term.

Given the compromise of the larger structure, XForceGlobal recommends adopting a bearish outlook in the shorter term while re-evaluating the wave count for future movements. The expectation is that Bitcoin may decline to at least $60,000 before staging a rebound that could see it rise above the $100,000 threshold.

Featured image from Pixabay, chart from TradingView