BTC: The price remains in a larger correction that began in December. While I still view one more high in this cycle as ideal—potentially targeting $130,000—the minimum requirements for completing a larger 5-wave pattern from the November 2022 lows have already been met. Any additional high would be more of a bonus than a necessity.
A break below $69,140 would provide further confirmation that a substantial top has formed, aligning with the red scenario. For now, $69,140 serves as the key bull/bear pivot, helping us distinguish between the possibility of one more high and the onset of a larger correction or even a potential bear market.
Regardless, I am closely monitoring the current price region for signs of an upside reversal. Even if this only results in red wave B, it could still push the price into the $92,000–$104,100 range.
A break below $69,140 would provide further confirmation that a substantial top has formed, aligning with the red scenario. For now, $69,140 serves as the key bull/bear pivot, helping us distinguish between the possibility of one more high and the onset of a larger correction or even a potential bear market.
Regardless, I am closely monitoring the current price region for signs of an upside reversal. Even if this only results in red wave B, it could still push the price into the $92,000–$104,100 range.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.