Bitcoin (BTC/USD) has been in consolidation since failing to push above 20K. The form of this consolidation is finally coming into shape. Last week, it was still possible that BTC/USD was coiling into a triangle. But last few sessions of continuing price dip made it more likely an ABC correction.
- The daily chart above shows the possible ABC correction.
- Using projection of wave A, wave C would target around $8,000.
- It is definitely a stormy correction that has not shown a decline in volatility, so don't be surprised if price slides to $8,000 by the end of January.