empty
InstaForex - Official partner of Dragon Racing
InstaForex - Official partner of Dragon Racing
This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.
Start as Beginner
How to start trading
Useful information
Training and recordings
InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.
Become Investor
PAMM System
ForexCopy System
Passive investments
Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.
Become Partner
Main Page
Partner Area
Advantages for Affiliates
Registration
This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.
All Promo Campaigns
Bonuses
Contests
Events
Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.
Full details
Forums
We are in social networks
Forex humour
Forex Portal
InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.
Learn More
History
Why Choose Us
InstaSport
Regulation
Company News
Awards
InstaForex Stars
InstaForex Offline
Headquarters
Key documents
Social Responsibility
24.03.2025 11:01 AM
Wave analysis of BTC/USD on March 24. Bitcoin going on with its correction
Open trading account Open demo account

This image is no longer relevant

The BTC/USD pair has managed to halt its recent decline. The current wave pattern now suggests a potential short-term upside for the world's leading cryptocurrency.

Wave structure signals a correction phase

The 4-hour wave analysis for BTC/USD is quite clear. After completing a five-wave bullish trend, a downward corrective phase began. At present, this downtrend appears corrective rather than impulsive, which aligns with my earlier forecasts. Based on this wave setup, I do not expect Bitcoin to exceed $110,000–$115,000 in the coming months.

Previously, Bitcoin's rally was supported by a wave of positive news — including institutional investments, government endorsements, and even pension fund allocations. However, Trump's policy shifts have caused a shift in sentiment. Investors are pulling out, and it's a reminder that markets can't rally forever.

The wave originating on January 20 doesn't resemble a clean impulse wave. It seems to be forming a complex correction, which could take months to fully develop. Within this first wave, a detailed a-b-c-d-e structure can be identified. If the current wave count is accurate, we are now in a bullish corrective wave, likely forming a classic three-wave a-b-c pattern.

The market sees no catalyst for a new trend

BTC/USD has stabilized for now, and the wave structure supports a short-term rise. However, I emphasize that this forecast is purely technical, as the fundamental backdrop remains hostile to Bitcoin, stocks, and other risk assets.

While new tariff announcements have been scarce lately, reciprocal tariffs between the US and EU are expected to go into effect in early April. It's hard to believe that Donald Trump will abandon his quest to turn America's trade deficit into a surplus. In my view, more tariffs are inevitable, which means Bitcoin remains a risky investment in the current environment.

Some analysts argue that Bitcoin could benefit from a weakening US economy, as investors seek alternatives during a potential recession. But I disagree. Bitcoin's circulating supply is relatively small, with a vast portion stored in cold wallets. This makes the asset prone to manipulation by large holders.

At this point, Bitcoin isn't functioning as a true currency — the liquidity in the market is too low. This makes it more of a speculative asset, and one where wave analysis provides the most reliable guidance for short- and medium-term outlooks.

This image is no longer relevant

Final thoughts

Based on the current wave analysis, Bitcoin's recent rally appears to be over. We are likely entering a complex, multi-month correction. That's why I have consistently advised against buying the cryptocurrency — and now, even more so.

A drop below the low of wave 4 would signal a full transition into a bearish trend phase, albeit likely a corrective one. This makes the search for shorting opportunities more appealing.

In the near term, we could see a bullish corrective wave, which may provide another chance to open short positions, targeting $68,000 and potentially lower — down to $55,000.

On the larger time scale, the upward five-wave structure has already played out. Now, the market appears to be building either a downward corrective phase or possibly a fully developed bearish trend.

Key principles of my analysis:

  • Wave structures should be simple and clear. Complex patterns are difficult to trade and often change.
  • If you are uncertain about the market trend, it's better to stay out.
  • There is no 100% certainty in price direction. Always use Stop Loss orders to protect your positions.
  • Wave analysis can be combined with other analytical methods and trading strategies for a more comprehensive approach.
Chin Zhao,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
All Analytics
Forecast
Intraday Strategies for Beginner Traders on June 9 All risk assets, including the euro and the pound, fell against the U.S. dollar on Friday following the release of fairly strong U.S. economic data. However, this was not enough
Miroslaw Bawulski
07:44 2025-06-09 +02:00
1090
Trading plan
How to Trade the GBP/USD Pair on June 9? Simple Tips and Trade Analysis for Beginners Analysis of Friday's Trades 1H Chart of GBP/USD The GBP/USD pair also traded lower on Friday for the same reasons as the EUR/USD pair. The dollar received minimal market support
Paolo Greco
05:54 2025-06-09 +02:00
1060
Breaking Forecast Trading Plan Cryptocurrencies USD/RUB Russian Economy Video Analysis
Trading Instruments
EURUSD GBPUSD USDCHF USDCAD USDJPY AUDUSD EURGBP EURJPY NZDUSD EURNZD Silver Gold #CL #USDX COVID-19 Bitcoin
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Thursday June 05, 2025.

On the 4-hour chart of the Litecoin cryptocurrency, there is an appearance of a Descending Broadening Wedge pattern which indicates that there will be a strengthening in the near future
Arief Makmur 09:53 2025-06-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 5

Bitcoin is struggling to reach $106,000 less frequently and is dropping toward $104,000 more often, which is a rather concerning short-term signal. Sooner or later, this pattern could lead
Miroslaw Bawulski 09:20 2025-06-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 4

Bitcoin and Ethereum keep trying to break through key resistance levels but continue to face the same obstacle. On one hand, this suggests a cautious approach by major market players
Miroslaw Bawulski 09:19 2025-06-04 UTC+2

The Correlation Between BTC and Global M2 Liquidity Remains High

Bitcoin still cannot firmly hold above the $106,000 level, which raises certain concerns. While other altcoins and tokens have been performing much better, at least in recent days, the fact
Jakub Novak 09:17 2025-06-04 UTC+2

BTC/USD Analysis on June 4, 2025

The wave pattern on the 4-hour chart for BTC/USD has become more complex. We observed a corrective downward structure that completed its formation around the $75,000 level. After that
Chin Zhao 09:10 2025-06-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 3

Bitcoin and Ether surged strongly during Asian trading, although yesterday ended on a somewhat downbeat note. However, despite the rapid strengthening of these assets, Bitcoin once again failed to maintain
Miroslaw Bawulski 08:51 2025-06-03 UTC+2

Bitcoin's technical outlook appears promising

Bitcoin appears to have found a bottom near $104,000 and is currently trading around $104,500 in early June. It is evident that the cryptocurrency is positioned at a psychological
Jakub Novak 12:36 2025-06-02 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 2

Despite the corrections at the end of last week, Bitcoin and Ethereum are once again showing upward momentum, although Ethereum is lagging behind. Experts from the banking group also point
Miroslaw Bawulski 09:45 2025-06-02 UTC+2

Bitcoin Forecast for June 2, 2025

Bitcoin Over the weekend, Bitcoin formed a reversal from the supports at the target level of 102,698 and the embedded green price channel line. If today's candlestick closes in white
Laurie Bailey 04:30 2025-06-02 UTC+2

Crypto investors still overwhelmed by optimism

Despite the ongoing correction, investor sentiment toward buying crypto assets remains positive, as indicated by the so-called Fear & Greed Index, which, as we noted earlier, is still
Jurij Tolin 16:24 2025-05-30 UTC+2

Top analytics

Relevance up to 07:00 UTC--5
EUR/USD. Weekly Preview. Inflation and More Inflation
02:39 2025-06-09
Fundamental analysis
Relevance up to 22:00 2025-06-09 UTC--5
EUR/USD Forecast for June 9, 2025
05:15 2025-06-09
Technical analysis
Relevance up to 19:00 2025-06-09 UTC--5
Trading Recommendations and Analysis for EUR/USD on June 9: How Long Will the Dollar Grow This Time?
03:33 2025-06-09
Trading plan
Relevance up to 19:00 2025-06-09 UTC--5
GBP/USD Overview – June 9: Nonfarms Did Not Disappoint
04:03 2025-06-09
Fundamental analysis
Relevance up to 22:00 2025-06-09 UTC--5
GBP/USD Forecast for June 9, 2025
05:07 2025-06-09
Technical analysis
Can't speak right now?
Ask your question in the chat.
Widget callback
Callback widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.