Bitcoin Price Could Reach $130,000 After Completing Wave 2 Correction
Bitcoin has stabilized around the $106,000 mark after recent volatility. The crypto Fear & Greed Index indicates a neutral sentiment among investors.
Technical Analysis Overview
- Recent price action suggests Bitcoin completed a significant correction.
- A potential rally to $130,000 is anticipated following this correction.
- XForceGlobal's Elliott Wave analysis shows the correction fits within a WXY pattern, with the second wave concluding in the expected Fibonacci range.
- The minimum target for this correction was around $90,000, achieved by a drop to just under $98,200.
- This correction preserved the macro wave structure, indicating a bullish trend rather than a bear market retracement.
Future Projections
- If the WXY correction is complete, a third wave advance may follow, often resulting in significant price increases.
- The analyst projects a wave 3 trajectory extending beyond $111,800 and potentially reaching above $130,000.
- The key pivot zone between $98,000 and $102,000 is identified as crucial for confirming this movement.
- Confirmation requires Bitcoin to establish a new local high while avoiding a drop below recent lows.
- Bitcoin has gained 8% since hitting a low of $98,200, influenced by geopolitical developments.
