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Bitcoin (BTC) is trading at $72,090.87, up 10.3% over the past 24 hours and 12.5% on a longer-term reading, after the asset pushed into a price zone that one chart analyst had flagged weeks in advance.
Target Zone Reached in a Single Session
According to a technical breakdown shared by an Elliott Wave analyst, Bitcoin’s move into the $69,000 to $72,000 range had been forecast back in July. The analyst described the prior month as a prolonged sideways period before Wednesday’s sharp upward move, which they characterized as a “third wave” under Elliott Wave theory, typically the most aggressive phase of a rally.
What the Analyst Is Watching Next
The analyst was careful to note that hitting the target does not guarantee an immediate reversal. They pointed to the $72,100 level as the next Fibonacci resistance point and said momentum could still carry price higher before a larger pullback develops. Two downside levels were flagged as important. A break below $70,348 would suggest a more decisive top is forming, while a drop under $67,000 would, in the analyst’s view, signal that the recovery attempt is over.
On the upside, $83,000 was identified as the level that would technically invalidate the current bearish wave count entirely.
Wider Market Also Moves Higher
The rally was not isolated to Bitcoin. Ethereum (ETH) climbed 17.8% over 24 hours to $2,291.30, outpacing Bitcoin’s move and pushing its 7-day gain to 20.5%. XRP rose 20.4% on the day to $1.25, while Hyperliquid (HYPE) posted the sharpest gain among major tokens, up 22.6% to $72.18. Solana (SOL) added 10.3% to trade at $86.83, and BNB gained 6.2% to $645.00. Dogecoin (DOGE) rose 11.2% to $0.07883.