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After a week of volatile price promotion, Bitcoin has again returned to well -known territory around the price level of $ 106,000. However, data about the chains shows that investors are still careful, with the Crypto Fear & Greed Index now in the neutral zone.
On the other hand, the technical analysis of Bitcoin’s price action on the 4-hour candlestick-frame graph shows that its price behavior has completed an important correction, one That is the way clear for An important rally up to $ 130,000.
Bitcoin’s Wave 2 -correction may be completed
According to XFORCEGLOBALAL, a crypto analyst who placed a detailed one Elliott Wave card on the social platform X, the recent correction of Bitcoin fits neatly within a completed WXY pattern. The second wave, which started the all-time high of $ 111,814 on 22 May and formed the corrective structure, has now been withdrawn into the expected Fibonacci range between the levels of 23.6% and 38.2%. In particular, the ideal minimum target for this correction movement in the $ 90,000 region, and Bitcoin, was the condition with the Pullback to just under $ 98,200 On the weekend.
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The most important thing was to maintain the macro wave structure. Instead of one Deeper withdrawal into the 0.618 to 0.886 Fibonacci levels, which is often characteristic of Bears market recovery, the analysis retains the idea that this was a Wave 2 correction within a larger bullish impulse.
This distinction is important. If the Wxy correction is indeed completed and Wave 2 is closed, the next logical movement in the Elliott golf sequence is a third wave of progress. According to Elliott Wave analysis, the third wave is often the most explosive in terms of price expansion. The outcome could therefore push the price from Bitcoin to new heights that are considerably higher than the most recent of all time.
Why $ 130,000 is a realistic target for Bitcoin
The technical projection of the analyst on Bitcoin’s 4-hour candlestick Time Frame-graph shows an expected Wave 3 trajectory extended than $ 111,800With an expansion arrow that reaches above $ 130,000. This is the expansion movement and is based on a similar projection of Golf 1.
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In the corresponding graph, the analyst marks the most important turning zone between $ 98,000 and $ 102,000 as the Wave C termination area. If this zone indeed marks the completion of the second wave, the following movement would require validation by the formation of a clear 1-2 structure within Golf 3.
This means that the confirmation of the bullish count also depends on the price that makes a new local high above the current reach and then withdraws without breaking the recent lows. If that structure is set, the market would probably be in the early stages of a powerful one Third wave.
Bitcoin has already achieved a price profit of 8% after it has fallen to a low of $ 98,200 after American air strikes at Iranian nuclear locations. The most important upward movement came on Tuesday 24 June, then Reports of a ceasefire in the Middle East Bitcoin pushed around 4%. At the time of writing, Bitcoin acts at $ 106,330.
Featured image of Pixabay, graph of TradingView.com