BTC nears short-term peak, with downside risk to $51.3K: CryptoQuant

CryptoQuant said BTC is nearing a short-term peak and may face a deeper decline afterward. The firm said the downward “i~v” wave structure, referring to the five sub-waves used in Elliott Wave analysis, should still be viewed as intact within a broader bear-market trend. It identified an expected peak range of $66,317-$68,965, where the rebound could end and the final v-wave decline could begin. CryptoQuant added that if the rebound lasts longer than expected, a scenario in which BTC rises to $70,000 remains possible. It also said on-chain indicators support downside risk. While Bitcoin has been making higher highs, the MACD, or moving average convergence divergence indicator, has been trending lower, signaling bearish divergence. The RSI has also moved into overbought territory. CryptoQuant added that trading volume has declined over the past six weeks even as the price rose, indicating weakening buying momentum behind the advance. It identified the next major downside target as $51,336, the 61.8% Fibonacci level.