Elliott Wave Theory Indicates Bitcoin Bull Run Not Over Yet
Bitcoin Market Analysis Summary
Crypto analyst Tolimanu applied the Elliott Wave Theory to assess Bitcoin's market cycle, suggesting:
- The current bull run is not over.
- A five-wave upward movement indicates a primary trend.
- An ‘ABC’ correction could lead to a new bullish phase if major long-term support levels hold.
- Potential downside exists, with Bitcoin possibly correcting to $73,969.
- A hold above this level may trigger new highs.
Technical expert Tony Severino cautioned:
- Despite recent gains, Bitcoin remains in a bearish position.
- A bearish momentum crossover could negate weekly bullish signals.
- The daily RSI failed to surpass 70, a key threshold for bullish momentum.
- Previous failures at this level preceded significant downturns.
CME Gaps and Support Levels
Analyst Titan of Crypto identified CME futures gaps impacting Bitcoin's price action:
- Upside gap: $96,480 - $97,300.
- Downside gap: $91,990 - $93,400.
- Next key support is around $90,000, with a potential bounce targeting $102,096.
Bitcoin is currently trading at approximately $94,300, reflecting a decline over the past 24 hours.
