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Bitcoin is trading slightly below the $104k level at the time of writing. Bitcoin is on a strong upward move, moving towards much higher targets above $110k. The price has been steadily rising, with shallow pullbacks, which is typical of previous cycles. The push higher suggests we could soon reach higher targets.
Wave Count and Potential for $130k
The current price action is aligned with a potential wave four pattern. While some expect a more shallow wave four, past cycles have seen similar patterns. The focus remains on Bitcoin reaching $130k, and there’s speculation about possible further extensions, with some predicting Bitcoin could hit $170k or even $190k.
Higher Prices Expected, But With Risks
Bitcoin is expected to keep moving higher, but as we approach the $130k target, the risks also increase. Price action is approaching a critical point, and the likelihood of reaching higher prices depends on whether we see the expected 4-5 wave pattern.
Analyst Josh of Crypto World compared the current situation to Bitcoin’s price action from four years ago, highlighting a similar scenario when Bitcoin broke out after a bearish divergence in the RSI. After that breakout, the price experienced significant upward movement, and the analyst suggests a similar outcome could occur again. He said that the next price target for Bitcoin would be around $113,000, based on the 261.8% Fibonacci extension.
Additionally, the weekly MACD (Moving Average Convergence Divergence) indicator, which measures momentum, is still showing bullish trends, though there is a slight decrease in bullish momentum in the short term.
Support Levels and Market Structure:
The analyst revealed several support levels on smaller time frames, such as the $97,000–$98,000 range, where Bitcoin has shown strong support in recent days. These levels could serve as a cushion in case of any pullbacks.