Bitcoin Market Outlook Elliot Wave Theory (W41/2024) // AlgoFyre

🔸The current wave structure appears unfinished to the upside. The wave seems truncated, suggesting that another upward move may be needed for completion. Although there is a visible three-wave pullback, it seems more likely that the market could push higher before a more definitive direction is established.

🔸In this bullish scenario, we could see another leg up, potentially breaking the recent high. Even a brief move to the upside would provide a more complete appearance to the current wave structure. This may lead to a continuation of the upward trend.

🔸On the other hand, there is a possibility that Bitcoin could fail to move higher. The wave structure may already have completed a three-wave pullback, signaling that the market could be heading downward from this point. The price has reached the 0.618 Fibonacci level, which typically suggests a potential retracement.

🔸However, we would be cautious about interpreting this as a clear short opportunity, given that the wave structure lacks clarity. Should the price break higher, this potential bearish scenario could be invalidated. In a more negative case, Bitcoin could test lower support levels, possibly around 40K or even as low as 20K in an extreme situation.

The outlook remains uncertain, with both bullish and bearish scenarios in play. While the current structure hints at the possibility of another upward move to complete the wave, there is also the potential for a breakdown toward lower support levels if the market fails to push higher. The coming days will be key in determining the next direction.