Crypto analyst and Elliott Wave expert Gert van Lagen has highlighted a critical level that could determine this the next step in Bitcoin price. In a recently shared 2-week chart, Lagen points to a broader market structure that suggests Bitcoin may be preparing for another strong upward move, provided the price stays above $74,000. According to the analyst, this level now serves as a key support zone and marks the boundary between them continuation of the bull market and a potentially more worrying structural collapse.
Why $74,000 Matters to the Bitcoin Price Bull Structure
In an X-post, Layers shared a detailed analysis of Bitcoin, predicting the next price movement based on Elliott wave structures. Its accompanying chart shows BTC completing an extended correction phase after a multi-year rally. This correction, called Wave IV, has pulled the price back to a previous consolidation zone without disrupting the broader bullish structure. As long as Bitcoin remains above $74,400, the analyst sees this move as a healthy reset and not the start of a long-term bear market.
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Looking back at earlier phases of the cycle, it can be explained why the $74,400 support level is so crucial. Lagen noted that during the lead-up to Wave III Bitcoin experienced a deep retracement which almost reached the bottom of the previous corrective wave before moving higher. The cryptocurrency’s current price action appears to be following the same pattern the final withdrawal approaching the Wave IV bottom at mid-$70,000.
This type of pattern repetition is common in Elliott Wave structures and often indicates that the market may be preparing for a stronger upward move. In line with this, Lagen emphasized that The recent price movements of BTC correspond to the characteristics of a Wave II correction within a broader Wave V progression. He said that $74,000 remains in the voidable area. Staying above it keeps Bitcoin’s bullish outlook intact, while a decisive break below it would force a reassessment of BTC’s entire market structure. The analyst certainly did that declared he does not expect Bitcoin to break this support zone.
What the chart says about Bitcoin’s next move
If the $74,400 support level holds, the expected path on the chart is of Lagen suggests the start of another impulsive rally that would mark the early phase of Wave V. The initial surge is expected to push Bitcoin price back above previous highs, indicating that the correction phase has ended and the momentum has returned in favor of the bulls. According to the analyst, Bitcoin will continue to do so mirror past patterns, a bearish outcome remains less likely.
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Looking at his chart, Lagen has predicted that Bitcoin could experience a bullish continuation towards the $260,000 to $320,000 region, which ties in with sub-wave 3, the strongest phase of a wave V advance. Following this, the final extension of Wave V is expected to push Bitcoin towards $400,000, reflecting an advance in the last cycle and representing an increase of over 410% from current levels around $78,000.
Featured image of Peakpx, chart from Tradingview.com