Bitcoin (BTC) prices have recently entered a consolidation phase after a significant upward movement, as the cryptocurrency market experiences highs following the volatility experienced earlier in the year.
The market-leading crypto is currently hovering above the 100,000 milestone, which may actually suggest further price increases.
Analysts warn of ‘too much bullish sentiment’
In a detailed analysis Known on social media as daily crypto trading, the Elliott Wave theory is being employed to predict the next moves of Bitcoin.
According to this analysis, the market may see a flat corrective wave with a target in the range of 000 90,000. The analysis confirms that the recent flat ABC structure was held at the level of 89-90k, indicating that wave 4 has completed.
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The analysis said that sentiment around the future of Bitcoin can serve as a cautionary sign.
Daily Crypto Trading Notes notes, “Although the 4th wave broke, sentiment is very low flag.” Caution Investors are encouraged to approach the situation, while the analysis is rooted in probability, it does not guarantee results.
Macro-economic landscape It is also important to understand the movement of Bitcoin. Daily crypto trading has previously discussed the possible impact of an impending recession, suggesting that macro-economic-economic factors should be considered before moving into technical analysis.
What does $130,000 prices mean for Bitcoin?
The Elliott Wave theory, which is particularly accurate in past predictions, is an important part of this analysis. It does so when the markets move in anticipation the wavesAnd right now, the focus is on the final sub-wave of wave 4.
The expert expects that if Bitcoin crosses the critical level of 609,000, it will confirm the beginning of Buzdani wave 5, which suggests a bullish continuation.
Bitcoin should receive a strong wave 5, with estimates indicating a 40-50% increase from current levels, with Fibonacci extension The levels suggest targets of 000 113,000, 000 117,000, and 000 121,000.
However, there is a quirk: the wave may be cut, leading to the formation of a double top and subsequent corrections, or may fail to reach a new one. best high (Eth). Thus, surpassing the 000 109,000 mark is considered a critical milestone for increasing the probability of a blow-off top.
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On the contrary, if Bitcoin were to dip the $90,000 area, it indicates the formation of a regular zigzag pattern, which Wave 4 cannot complete.
As a contingency point, a standard point has been established at $130,000; A breach of this level may refer to an inappropriate bullish bluffout.
Currently, BTC is trading at $10,104,300 to record losses of 1.4% in the 24-hour time frame.
Featured Image from Dal-e, Charts from TradingVi VIS.COM
