Bitcoin Completes A-B-C Wave Structure Since February, Decline to $58,500 Signals Bear Market Near End

BTC-1.32%
According to BIT's On Target weekly report, Bitcoin fell sharply from $97,000 on February 9, 2026 to $62,900, then rebounded to $82,000 before dropping further to $58,500 on June 30. The anticipated A-B-C wave pattern has largely materialized: A wave low in February, B wave rebound to $82,000, and C wave decline to $58,500. The report suggests the bear market may be approaching its conclusion, though the exact timing of the cycle bottom remains subject to external factors including geopolitical tensions and Federal Reserve policy shifts.
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