$BTC 12.06 Bitcoin Price Market Update:

Bitcoin is currently around 89,300 and has officially broken below the 90,000 support level that we emphasized yesterday. This breakdown means that our previous expectation for a possible zigzag false breakout in the fourth wave is no longer valid. The structure is returning to the most standard and straightforward pattern.

Since the drop from the 126,272 level, our overall structure has not changed; it’s been a complete five-wave decline to complete wave c. Currently, Bitcoin is in the fourth wave rebound of this five-wave sequence. After the fourth wave is complete, comes the main decline of the fifth wave—this direction has never changed. Now, we just wait for it to make another lower low to confirm the end of the fourth wave, then look to short the fifth wave when it bounces back to around 92,000. The target for the fifth wave is to break the previous low of 80,000.

In summary, there is a possibility that the fourth wave has finished. If a lower low is made on a smaller scale, you can look to short the fifth wave around 91,000 on a rebound.