My initial Elliott Wave count for Bitcoin marks the price drop from the all time high as a Primary Wave 4 (P4) correction. P4 is moving down in a double zig-zag corrective pattern, as labelled in the daily chart below. Major [W] is comprised of a three wave A-B-C move down. This is followed by a 3 wave [X] move up. Finally, there is a five wave [Y] move down. By my count, Bitcoin price is in the final [Y] move down.
Price action over the last few days suggests that P4 is nearing completion. I expect the final C wave of P4 to move just below $382, the low from December. The targets for the final C-[Y]-P4 wave are between $380 and $308. An hourly chart with details of this move will be posted later.
Once C-[Y]-P4 finds a bottom, Bitcoin price will begin a P5 uptrend.
If this is your first time seeing Elliott Wave Theory, read over the “Elliott Wave Theory Basics” page provided. Do not be intimidated. I will answer any questions in the comments.