Bitcoin Drops 15% to $75K — Hits 100% Fibonacci Extension as Wave (3) Plays Out

2026-01-31 20:24:04

⬤ Bitcoin has dropped sharply over the past few sessions, falling from the low $90,000s down toward the upper $70,000 range. This move is being read as the start of Wave (3) in the current Elliott Wave structure. After a failed rebound attempt, selling pressure picked up speed once price broke below earlier support — and the decline has been pretty decisive since then.

⬤ Fibonacci extension levels on the chart point to a primary Wave (3) target around $72,660, though there’s no guarantee that level gets hit. Bitcoin has already nearly filled the earlier downside objective in the $74,000–$75,000 zone, which lines up closely with the 100% Fibonacci extension at $75,760. If weakness continues, additional extensions at $73,820 and $72,660 remain in play as potential targets further below.

⬤ Despite the bearish move, there are early signs the selloff may be running out of steam. A close back above $84,584 would be a strong signal that a significant low is already in place. That kind of breakout would suggest the market is shifting away from impulsive downside behavior and moving toward stabilization or consolidation.

⬤ With BTC sitting between major Fibonacci extensions and key resistance, the next few price candles could be decisive for the broader crypto market. If selling pressure eases, consolidation looks likely. If it doesn’t, lower Fibonacci targets remain very much on the table — and the rest of the market will follow Bitcoin’s lead either way.

BTC2,32%

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