According to the Elliott Wave Theory, our previous analysis for bitcoin suggested that Wave 2 had ended at 97,777.77 after a three-wave ABC correction.
However, it later became evident that the correction was not yet complete and instead extended into a WXY pattern, a more complex double correction.
Current Update: Extended Correction and Bullish Expectations
At present, it appears that Wave Y will likely complete at 93,100 USD, making this level a potential entry point before Wave 3 begins its upward movement.
According to Elliott Wave Theory, Wave 3 is typically the strongest and longest wave, reinforcing our expectation that Bitcoin could target 108,000 USD in the near future.
Expected Scenario For BITCOIN:
- Wave 2 Completion at 93,100 USD:
- The WXY correction added depth to the downward move.
- This extension absorbed more selling pressure before a potential reversal.
- Wave 3 Takeoff:
- Once the correction concludes, a strong upward move is expected.
- The initial target will be to break above the previous high of 109,588 USD.
- Internal sub-waves are likely to form within the upcoming bullish wave.
Alternative Scenario For BTCUSD:
If Bitcoin fails to react to the 93,100 USD level, the correction may extend slightly further.
However, the overall outlook remains bullish as long as the price does not break below 89,256.69 USD, which serves as a critical stop-loss level.
Conclusion:
The extended WXY correction has redefined Wave 2, and a strong upward move is anticipated soon.
Monitoring the 93,100 USD level will be crucial for confirming the entry into Wave 3, targeting 108,000 USD and beyond.
Bitcoin Market Update: Key Developments Today
Bitcoin experienced a notable dip below $100,000 for the first time in six days, following the announcement of new import tariffs by U.S. President Trump on China, Canada, and Mexico.
These tariffs could fuel inflation, prompting investors to shift away from riskier assets like cryptocurrencies.