Bitcoin Market Outlook Elliot Wave Theory (W40/2024) // AlgoFyre

🟢 In the bullish case, Bitcoin is currently in the third wave of an Elliot Wave structure, which typically signals a strong upward movement. Over the next few weeks, this wave could drive Bitcoin’s price to targets between $120k and $140k, based on Fibonacci extensions.

🟢 For this scenario to play out, Bitcoin needs to break through key resistance levels and trendlines. If it does, we could see a significant and rapid rally toward the projected price targets.

🟢 In this scenario, even if Bitcoin encounters minor pullbacks or consolidations, the overall momentum would remain upward. Any brief corrections would likely be seen as opportunities for further upward moves, with Bitcoin maintaining its bullish structure.

🔴 In the bearish scenario, Bitcoin could fail to break the critical resistance levels and trendlines. If Bitcoin shows weakness or rejects off these key areas, we may see a period of consolidation or a pullback instead of a rally.

🔴 In this case, Bitcoin could begin to test lower support levels, which might result in a short-term correction. If the support holds, Bitcoin could continue to range-bound between key levels, but if it breaks down, the price could head lower before finding new support.

🔴 A short-term correction could see Bitcoin retest previous lows or critical support areas. While this wouldn’t necessarily lead to a long-term bearish trend, it would delay the upward movement for the coming weeks.

In the bullish scenario, Bitcoin could rally to $120k to $140k over the next few weeks to months if it breaks key resistance levels. In the bearish scenario, failure to break resistance could lead to a consolidation or short-term pullback as the price tests lower support levels before making any significant upward moves. The next few weeks will be crucial in determining whether Bitcoin follows through on its bullish momentum or takes a step back.