Introduction

Hey friends, this is Val, and welcome to the latest update on Bitcoin. In my previous articles, I discussed two Elliott Wave structures of Bitcoin—one on the daily time frame chart and the other on the 4-hour timeframe chart. Let's dive into the recent developments and analyze the potential future movements of Bitcoin.

Daily Timeframe Analysis:

On the daily time frame chart, Bitcoin completed a five-wave structure. I mentioned that if Bitcoin breaks the resistance at $60,000 during the formation of the C- correction wave, the trend could shift from downwards to upwards, halting the larger downtrend. As anticipated, Bitcoin broke the $60,000 resistance, previously a support level in a descending triangle.

For detailed analysis, you can watch the below video:

4-Hour Timeframe Analysis

Simultaneously, on the 4-hour timeframe chart, Bitcoin completed another five-wave Elliott Wave structure:

1. Wave 1: Impulsive wave
2. Wave 2: Correction wave
3. Wave 3: Longest impulsive wave
4. Wave 4: Correction wave
5. Wave 5: Current wave

I previously suggested that during the formation of Wave 5, Bitcoin could potentially break the next resistance levels.

Potential Targets for Wave 5

• If Wave 5 equals the length of Wave 1, Bitcoin could hit the $69,000 resistance.
• If Wave 5 equals the length of Wave 3, Bitcoin might even surpass the highest price of March 2024, aiming for $76,976.

Current Market Situation

The formation of Wave 5 has begun, bringing Bitcoin close to the $69,000 resistance, which is also the highest price of the previous bull run in November 2021. A breakout from this level could also break the descending triangle resistance, leading to a significant rally.

Analyzing Long-Term Patterns

Falling Wedge Pattern

In earlier videos, I highlighted a long-term falling wedge pattern on Bitcoin’s chart. The technical target for this breakout is around $77,000. Bitcoin has already rallied beyond this target and recently bounced from the support of an ascending channel.

Weekly Time Frame Chart

On the weekly chart, Bitcoin has broken out from a large falling wedge pattern but faces strong resistance between $69,000 and $73,794. This area previously formed a double top. A breakout from this resistance could lead to a rally towards the next target, approximately at $100,000.

Conclusion

The current Elliott Wave structures suggest potential bullish movements for Bitcoin, with key resistances at $69,000 and  $73,794  . A breakout from these levels could lead to substantial gains, possibly reaching $100,000. Stay tuned for more updates, and consider following my blog for detailed analysis.

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