Has Bitcoin Started a Bullish Trend Reversal? | Credit: Derek Fenech
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Key Takeaways
The Bitcoin price fell today after reaching the $116,500 horizontal resistance area.
Bitcoin’s current wave count allows for a bullish and a bearish price prediction.
Will the Bitcoin price reach a new all-time high this year, or is a breakdown inevitable?
Bitcoin slipped today after testing the $116,500 level, a zone reinforced by multiple resistance factors.
The early September breakout fueled optimism, but that momentum could fade quickly unless BTC manages to push decisively above $116,500.
How the price reacts at this barrier may shape the market’s direction for the rest of the year.
Bitcoin Price Analysis
Bitcoin has rebounded strongly since breaking out of a descending resistance trend line on Sept. 2, ending a 19-day correction.
The move has renewed optimism among traders, but the path to confirming a full bullish reversal remains far from clear.
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First, BTC is still trading within an ascending parallel channel — a formation that typically contains corrective moves rather than impulsive uptrends.
Second, the price sits in the long-term $116,500 resistance zone, a level that has historically flipped between acting as support and resistance.
Finally, Bitcoin remains constrained within the critical 0.5–0.618 Fibonacci retracement range, often seen as the most likely area for bearish reversals.
The move could end near $99,500 based on the previous decline, giving the long-term waves A and C the same length.
The main issue with this count is that the decline does not perfectly resemble a descending wedge but fits perfectly with the outline of a corrective decrease.
Bitcoin’s bullish prediction suggests that the price completed an A-B-C correction (red) after its all-time high and has now started a five-wave increase, which could be an expanding diagonal.
While the count is valid, the A-B-C correction is quite short relative to the upward movement that preceded it.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
