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The last Bitcoin height brought over $ 94,000 a wave of bullish momentum via the encryption market. However, this gathering has So far to gain real preposition It exceeds 95,000 dollars. This outgoing behavior is part of a broader direction that witnessed the outbreak of the fifth wave of Bitcoin About $ 100,000 is still out of reach.
It seems that the fifth wave of Bitcoin extends
The weekly Bitcoin diagram highlights the classic rush sequence After the theory of Elliott wave, But it became increasingly clear that the fifth wave was not revealed in a straight line. As shown in the graph below, Bitcoin entered the formation of the fifth wave in the middle of 2024, directly when the initial gathering began towards the level of $ 100,000. This fifth wave composition is the last series of Elliott waves dating back to late 2022.
However, the structure refers to the fifth extended wave, which is a phenomenon where the final final leg extends for a longer period of model, full of its own sub -waves. This has caused the BTC price to trade below $ 100,000.
Interestingly, Bitcoin currently plays the third suburb. If this extended wave is fully operated, it may be lined with the traditional bitcoin cycle for a period of four years with a peak of more than $ 170,000. according to Example an analyst passes through the stable name that draws a man on the social media platform X, this may lead to The main tukin assemblies marches In its final stages.
Multiple price goals provide evidence about the BTC path forward
Regardless of the scenario of the fifth extended wave, the analyst put other expectations for Bitcoin. The price level of $ 95,000 has been met as a goal to transfer relief with the latest Bitcoin outbreak. However, bypassing this level will be important in maintaining the bullish momentum.
The following goals set by the analyst include a potential dual summit formed about $ 109,000, and moves the ups of the upholsome Fibonacci bullish about $ 128,000, which corresponds to the level of 1.414 Vibonacci. Moreover, the continuous gathering BTC can push about 1.618 Fibonacci near 173,000 dollars, although this upper target is more than a long -term projection at the peak of the fifth extended wave.
Despite the impressive increase in price, momentum indicators offer a more careful wallpaper. The RSI (RSI) index of the weekly timetable displays a pattern of the highest levels, which may indicate a declining difference.
This difference usually indicates the weakening of the internal force within the upward trend, although the price makes new high levels. It does not slow down the possibility of high prices, but it increases The possibility of corrective stages Along the way, it is a typical matter for the fifth wave.
At the time of writing this report, BTC is trading at $ 94,686. Data appears on the chain Walking pressure on supply Because of the ongoing wave of Bitcoin flows from encryption exchange.
Distinctive photo of Pixabay, Chart from TradingView.com
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