Bitcoin’s recent surge in over $94,000 has brought about bullish momentum across the cryptocurrency market. However, this set will No real traction has been obtained yet Over $95,000. This elusive behavior is part of a broader trend that has seen the expected fifth wave of Bitcoin’s breakthrough Over $100,000 remains elusive.
Bitcoin’s fifth wave seems to be stretching
Weekly Bitcoin Charts Highlight a Classic Impulse Sequence Follow the Elliott Wave theory, However, it is becoming increasingly clear that the fifth wave did not unfold in a straight line. As shown in the figure below, Bitcoin entered its fifth wave formation in mid-2024, just as its initial rally began toward the $100,000 level. This fifth wave formation is the last of a series of Elliott waves, dating back to the end of 2022.
However, the structure points to the fifth wave of extension, a phenomenon in which the final upward leg stretches longer than the typical time and is filled with its own sub-burst wave. This has resulted in the continued transaction of BTC prices for less than $100,000.
Interestingly, Bitcoin is currently issuing its third sub-explosion. If this wave of expansion comes into full force, it could be consistent with the traditional four-year Bitcoin cycle, peaking above $170,000. according to A crypto analyst x who is drawn by a pseudonym on social media platforms, which may lead to Major Altcoin rally In the latter stage.
Multiple price targets provide clues about BTC’s path forward
In addition to the extended fifth wave scheme, analysts have also proposed other predictions for Bitcoin. The $95,000 price level has become the target of relief rally with Bitcoin’s latest breakthrough. However, exceeding this level will be important in maintaining bullish momentum.
The next target outlined by analysts include a potential double top, about $109,000, while the bullish Fibonacci extension shifts to $128,000 to a rate equivalent to the 1.414 fibonacci level. Beyond that, the ongoing rally could push BTC toward 1.618 fibonacci expansion by nearly $173,000, although the upper target is more like a more optimistic long-term projection at the extended fifth wave peak.
Despite impressive price increases, momentum indicators provide a more cautious backdrop. The relative intensity index (RSI) on the weekly time frame exhibits a pattern of lower highs, which may indicate a bearish difference.
This difference is often expressed as weakening internal strength within an uptrend, even if prices are raising new highs. It does not invalidate the possibility of higher prices, but adds Possibility of corrective phase Along the way, this is a typical feature of the extended fifth wave.
At the time of writing, BTC is trading at $94,686. On-chain data display Supply about to be squeezed Due to the ongoing wave Bitcoin flows out of the crypto exchange.
Featured images from Pixabay, charts from TradingView.com
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