Bitcoin has completed its 5-wave Elliott Wave structure, and the highest-probability scenario now points to a 3-wave ABC correction before resuming its upward trajectory toward new all-time highs near 120,000. The initial wave (Wave A) is expected to target 120,000. The initial wave AeA) is expected to target 93,000, driven by bearish RSI divergences and oversold conditions. At the same time, the final wave (Wave C) could extend to 84,000.Theselevels(84,000.These levels (93K/$84K) act as technical magnets due to concentrated liquidity from pending sell orders and institutional liquidation clusters embedded in the market’s order book. The downward pressure is further amplified by the alignment of market structure dynamics, where these zones serve as focal points for price discovery and liquidity-driven retracements.
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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.