Whoa — Bitcoin is in the process of puking, down nearly 6% and now under $70k Crypto folks: your thoughts on what's driving this?

Technically, this is just a continuation of what I posted in March.

Bitcoin Is Coiled for a Big Move. But Which Way?

Please consider my March 14, 2026 warning: Bitcoin Is Coiled for a Big Move. But Which Way?

Bitcoin Weekly Chart

The weekly chart shows the rising wedge and a symmetrical triangle. The symmetrical triangle is a continuation pattern of the existing trend. That would imply lower.

The E-Wave weekly chart is also clean. Wave 5 down would be expected.

And if a big top is in, this could just be wave 1 down. By that, I mean waves 1-5 form a bigger wave 1. With Wave 2 up expected then wave 3 down, etc.

Wave 3's or sometimes 5's are the biggest waves. So if we are in a huge top setup, Bitcoin could easily crash all the way to 10,000 or even 1,000.

I won't make any such calls. But my technical expectation is for 5 waves down now, then a rally. Five waves down would be to 50,000 which is also strong weekly support.

I have been accused of writing about Bitcoin after big moves. But this is the second time I have written in advance expecting a move lower.

Wave 4 in the new chart gave a head fake higher. By that I mean the symmetrical triangle broke up, not down. But the head fake did not last long and wave 4 violated no E-Wave rules.