The recent Bitcoin increase above $ 94,000 has brought a wave of bullish impulse throughout the cryptography market. However, this rally has still to gain real traction Beyond $ 95,000. This evasive behavior is part of a broader trend that has seen the fifth rupture of the Fifth Ola above $ 100,000 is still difficult to achieve.
Bitcoin’s fifth wave seems to be stretching
Bitcoin’s weekly table highlights a classical impulsive sequence Following Elliott’s wave theory, But it is increasingly clear that the fifth wave has not developed in a straight line. As shown in the table below, Bitcoin entered a fifth wave formation in mid -2024, just when his initial rally began towards the level of $ 100,000. This fifth wave formation is the last of a series of Elliott waves that date back to the end of 2022.
However, the structure points to an extended fifth wave, a phenomenon where the final ascending leg extends longer than typical, and is filled with its own sub-impulse waves. This has caused the price of BTC to continue operating below $ 100,000.
Interestingly, Bitcoin is currently playing his third Subimpulse wave. If this extended wave develops completely, it could align with the traditional four -year Bitcoin cycle with a peak above $ 170,000. According A cryptographic analyst that is carried out by the type of pseudonym names on the social media platform X, this could lead to Great Altcoin Rally In its last stages.
Multiple price objectives offer clues on the BTC road forward
In addition to the extended stage of the fifth wave, the analyst presented other projections for Bitcoin. The price level of $ 95,000 has been fulfilled for a relief rally with the last Bitcoin outbreak. However, overcoming this level will be important to maintain a bullish impulse.
The following objectives described by the analyst include a potential double top that forms about $ 109,000 and an area of bullish fibonacci moves around $ 128,000, corresponding to the Fibonacci 1.414 level. Above that, a continuous rally could push BTC towards the extension of 1,618 fibonacci about $ 173,000, although this superior objective is more an optimistic long -term projection in the peak of the fifth wave extended.
Despite the impressive increase in the price, the impulse indicators offer a more cautious backdrop. The relative force index (RSI) within the weekly period exhibits a pattern of lower maximums, which may indicate a bassist divergence.
This divergence generally indicates that the internal force weakens within the upward trend, despite the fact that the price is making new maximums. The possibility of higher prices does not invalidates, but the probability of corrective phases along the way, which is typical of the extended fifth wave.
At the time of writing, BTC is quoted at $ 94,686. The data in the chain show a Imminent overguming of supply Due to the continuous wave of Bitcoin Cryptographic exchanges.
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