The 4-hour BTC chart shows a clear Elliott Wave structure. The asset completed a corrective Wave 4 at a key Fibonacci retracement level.
This correction found support near the 0.236 Fibonacci retracement at $93,676 before reversing. The structure suggests that BTC is now in the early stages of Wave 5, which could drive prices higher.
BTC had previously peaked near $106,328 in Wave 3 before undergoing an ABC corrective decline. The wave count aligns with a textbook Elliott Wave structure, where Wave 4 has been confirmed by a downward ABC pattern, bottoming out at a key horizontal support zone.
Additionally, the breakout from the falling wedge pattern further confirms the shift in momentum.
The Relative Strength Index (RSI) is recovering from oversold conditions, suggesting that buying interest is returning. BTC must hold above $95,207 to confirm its breakout structure, ensuring that Wave 5 remains intact.
If bullish momentum sustains, the next key level to watch is $102,245, which coincides with previous price resistance.
If market conditions remain favorable, BTC could target a retest of its all-time high of $106,328.
BTC Price Prediction
On the 1-hour chart, BTC appears to be in the early stages of a five-wave impulsive pattern within Wave 5.
The structure suggests that BTC has completed sub-wave (i) and will likely start minor corrective pullback for sub-wave (ii).
Continuing the impulsive structure could lead BTC toward the previous high level of $102,245 as the next major resistance zone.
The Fibonacci retracement for sub-wave (ii) suggests support near $95,207, which must hold for BTC to maintain its upward trajectory, as that would mean the price successfully retested the broken descending resistance.
If this level is respected, sub-wave (iii) could push BTC towards $100,000, followed by a minor retracement in sub-wave (iv) before attempting to break above $102,245.
The RSI is gradually moving towards overbought territory, which could indicate short-term resistance before further gains.
If BTC sustains its momentum, a full five-wave structure could surpass $106,000, aligning with Fibonacci extension targets.
However, if BTC loses momentum and drops below $93,676, this would invalidate the bullish outlook, potentially triggering a deeper retracement.
Key Levels to Watch
Immediate Support: $95,207 (Wave (ii) Fibonacci retracement).
Bitcoin’s current structure suggests a bullish continuation, but traders should monitor key Fibonacci retracement levels to confirm momentum.
If BTC sustains its wave structure, it could be on track for new highs in the coming sessions.
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.
Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.
Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.
