The short-term Elliott Wave structure from the May 6, 2026 peak is developing as a clear five-wave impulse. From the May 6 high, wave ((i)) concluded at $74,192, followed by a corrective rally in wave ((ii)) that terminated at $78,000. After this retracement, the cryptocurrency resumed its decline in wave ((iii)), which itself unfolded as a smaller degree impulse. Within this sequence, wave (i) ended at $72,462, while wave (ii) produced a modest rally that finished at $74,223.
The downward momentum continued as Bitcoin advanced into wave (iii), reaching $61,310 before a corrective rally in wave (iv) ended at $64,687. Subsequently, wave (v) drove prices lower to $59,104, completing the larger wave ((iii)). A rebound then materialized, and wave ((iv)) is proposed to have concluded at $64,197. From that level, the cryptocurrency has resumed its descent, reinforcing the broader bearish structure.
Near term analysis suggests that as long as the pivot at $78,000 remains intact, rallies are expected to fail. Such rallies are likely to unfold in corrective sequences of three or seven swings, ultimately leading to further downside pressure. A potential downside target is projected through the 100%–123.6% Fibonacci extension measured from the October 6, 2025 high. This extension aligns with the $41,400–$52,200 price zone, an area where notable support may emerge.
