Bitcoin (BTC) Price Returns to Peak Levels — $140K Could Be Next

Key Takeaways

• BTC consolidates below $109,300 after hitting an all-time high.
• Key support at $100,000; bullish outlook hinges on holding.
• Potential targets: $85,200 bearish, $130,630 bullish breakout.

Bitcoin (BTC) recently reached record highs before entering a corrective phase, leaving traders and analysts questioning its next move.

Will BTC break past its all-time high to continue its bullish momentum, or is a deeper correction on the horizon?

BTC Price Analysis

Bitcoin (BTC) hit an all-time high of $108,300 on December 17, marking the completion of wave 3 in a five-wave impulse pattern that began in September.

Following this peak, the price entered a correction phase. According to Elliott Wave Theory, this correction is wave 4, which is characterized by sideways consolidation before the next and potentially final upward move.

On January 13, BTC’s price dropped to $89,000, a 17.52% decline from its all-time high. This movement formed a three-wave structure resembling an ABC correction, making it a strong candidate for the end of the corrective phase.

Following this, an uptrend emerged, pointing toward a potential continuation of the broader bullish pattern.

However, BTC exhibited signs of weakness despite revisiting the $108,000 zone on January 20 and briefly setting a new high at $109,300.

The price quickly faced rejection and fell back to $100,200 on January 21. Currently, BTC is consolidating near $105,784, hovering between its all-time high and its recent correction low.

The Relative Strength Index (RSI) on the 4-hour chart remains neutral, leaving equal potential for further upward movement or a deeper decline.

BTC is now at a critical juncture. The price could either be at the start of a new impulsive wave following the January 13 low or remain within the corrective wave 4. The direction of the next major move will clarify the prevailing scenario.

BTC Price Prediction

A closer look at the hourly chart suggests BTC may have completed its first sub-wave of a lower-degree five-wave impulse.

The decline from January 20 could represent the second sub-wave, acting as a corrective phase before the next bullish surge.

If this assumption is correct, BTC should hold above $100,000 in the short term. This bullish outlook would be invalidated only if the price breaks below the $89,000 level from January 13.

The rise from $89,000 to $109,300 in the bearish scenario represents wave X in a larger corrective structure connecting two ABC patterns.

A drop below $100,000 would confirm wave Y is in progress, completing the higher-degree wave 4. This could lead BTC to $85,200, corresponding to the 0.382 Fibonacci retracement level.

Conversely, if BTC holds above $90,000 and shows renewed bullish momentum, a breakout above the all-time high is likely.

The next wave could target $130,630, aligning with the 1.618 Fibonacci extension. The coming price action will confirm whether BTC resumes its bullish trend or continues in a prolonged correction.