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Shock and Awe: Bitcoin Losing Momentum Could Result in Elliot Wave Correction to $1,0

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There’s no denying that Bitcoin is at a critical junction, either ready to fall deeper into a downtrend or explode into a new bull rally driven by pre-halving hype and speculation.
Losing momentum here, according to one crypto analyst, would almost certainly lead to an Elliot Wave Theory C-wave that would take the cryptocurrency further down toward $1,000 – a move that would surely leave the crypto market in shock and awe.
Bitcoin Losing Momentum Could Result in Shocking Fall to $1,000
Bitcoin price recently spiked from local downtrend lows of around $6,400 toward a high of over $9,200 before a rejection at overhead resistance stopped the rally in its tracks.
Although the bullish momentum was strong, causing Bitcoin to gain over 40% in 30 days, that momentum has since been waning after the rejection occurred, as traders begin to fear that the breakout wasn’t enough to sustain positive price action into a new uptrend.
If Bitcoin loses further momentum here, it could be devastating for the cryptocurrency market.
Elliott Wave Theory Suggests C-Wave Would Take Crypto Back Nearly a Decade
A failure to maintain momentum, according to one crypto analyst, would likely result in an Elliott Wave Theory C-wave driving the price of the first-ever cryptocurrency down to just $1,000.

However, such a move would first require that Bitcoin falls through the 100-week moving average, which is currently sitting at roughly $7,200. The leading cryptocurrency by market cap losing that level would almost certainly cause a retest of the 200-week moving average.
The 200-week moving average is what caught Bitcoin at its current $3,100 bottom in late 2018, and held it as support, igniting a new rally in 2019.
This analyst speculates that Bitcoin wouldn’t hold in another test, and it would send the price per BTC tumbling down towards $1,000.
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