There is some risk that Bitcoin has completed a 5-wave rally and a possible medium-term high, according to Elliott Wave specialist Tony Sycamore, Director of Australia-based TECHFX TRADERS.

Sycamore says the tentative break below the uptrend support from the January lows created minor technical damage to the uptrend (see Chart). However, a close below the January $42,000 high is required to indicate a deeper pullback towards $30,000 is underway. Unless that happens, he thinks a retest of the recent $58,354 high and then a move towards $65,000 is still the more likely scenario.

As such, Sycamore remains neutral in the short-term, though bullish longer-term provided it can stay above $42,000.

See Chart.