The recent increase in bitcoin over $ 94,000 has brought a wave of bullish momentum to the cryptography market. However, this rally has again to win a real traction beyond $ 95,000. This elusive behavior is part of a broader trend that saw the 5th expected escape from Bitcoin More than $ 100,000 remain elusive.
The 5th wave of bitcoin seems to stretch
The weekly Bitcoin graphic highlights a classic impulsive sequence According to the theory of Elliott waves, But it becomes more and more clear that the 5th wave did not take place in a straight line. As shown in the graph below, Bitcoin entered a 5th wave formation in the middle of 2024, as soon as he started his initial rally towards the level of $ 100,000. This 5th wave training is the last in a series of Elliott waves which dates back to the end of 2022.
However, the structure points to an prolonged 5th wave, a phenomenon where the final ascending leg extends longer than typical, and is filled with its own sub-imulsive waves. This caused the BTC price to pursue below $ 100,000.
Interestingly, Bitcoin is currently playing its 3rd wave of subjugation. If this prolonged wave takes place completely, it could line up with the traditional four -year Bitcoin cycle with a peak more than $ 170,000. According to A crypto analyst who approaches the pseudonym name of cartography on the social media platform X, this could lead to ALTCOIN MAJOR NEETURES in its last steps.
Multiple price objectives offer clues to the BTC path
Aside from the extended scenario of the 5th wave, the analyst presented other projections for Bitcoin. The price level of $ 95,000 has been reached as a target for a rescue rally with the last escape from Bitcoin. However, overcoming this level will be important to maintain the bullish momentum.
The following targets described by the analyst include a potential double summit forming around $ 109,000 and an increased hussy fibonacci extension movement around $ 128,000, corresponding to the Fibonacci level of 1.414. Above this, a continuous rally could push BTC to the extension of Fibonacci of 1.618 almost $ 173,000, although this higher target is more an optimistic projection in the long term at the top of the 5th prolonged wave.
Despite the impressive price increase, momentum indicators offer a more prudent backdrop. The relative resistance index (RSI) over the weekly time has a lower high scheme, which may indicate a lower divergence.
This divergence generally indicates to weaken internal force in the upward trend, even if the price makes new heights. It does not invalidate the possibility of higher price, but it increases the probability of corrective phases Along the way, which is typical of the 5th extended wave.
At the time of writing this document, BTC is negotiated at $ 94,686. Chain data shows a Deletion of the imminent offer Due to the ongoing wave of Bitcoin flows from crypto exchanges.
Pixabay star image, tradingView.com graphic
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