Bitcoin Surges Past $104,000 with Expected Market Correction Ahead

Bitcoin rebounded from a local bottom of $74,000 in mid-April, reaching a high of $104,300. Analysts at NewThoughtCrypto provide insights on Bitcoin's potential movements.

Bitcoin Macro Outlook

Current analysis indicates that Bitcoin's rise to $104,300 completes the fifth wave in an impulse phase, suggesting an upcoming market correction.
The Elliott Wave Theory indicates prices move in two repeating patterns: impulse and corrective phases.
A projected correction may target the 0.5 to 0.618 Fibonacci retracement levels, potentially bringing prices down to $86,000 - $89,000.
There is potential for a brief bullish trend before the complete correction, with expectations for a new all-time high this summer.

Micro Outlook

On a micro scale, Bitcoin has completed waves I, II, and III, with wave III peaking at $104,300.
Wave IV, a corrective wave, is expected to push prices between $100,000 - $101,000.
A subsequent bullish wave V could drive prices up to $106,000 before another correction begins.

Currently, Bitcoin trades at $102,810, up 0.06% in the last day, with a daily trading volume of $62.23 billion, down 6.68%.