The cryptocurrency market is making headlines again as it shows signs of recovery, with the global market valuation rising slightly to $2.95 trillion—a 2.84% increase over the past 24 hours. Bitcoin (BTC), as the market leader, has followed this upward momentum, surging over 3% and trading around $86,395 at the time of writing. But where is Bitcoin heading next?
Bitcoin’s Elliott Wave Movements
Based on the current Elliott Wave structure shared by market analysts, Bitcoin’s latest price movement appears to resemble a wave-four bounce. Earlier projections indicated a potential five-wave upward move followed by a correction, and it seems Bitcoin is staying true to this pattern. Analysts are now turning their attention to the next critical milestones.
In recent days, Bitcoin has completed a small five-wave push upward, retracing back into a critical support level. This movement is suspected to be part of a broader ABC corrective pattern. If this pattern unfolds as expected, the next target for BTC could be approximately $88,640, aligning with the 100% Fibonacci extension level.
Key Levels to Watch
Bitcoin’s primary support zone remains between $81,620 and $83,640, which has held strong throughout the recent market activity. As long as BTC stays within or above this range, its upward trajectory remains intact. Current immediate resistance is noted at $86,370, a level where Bitcoin already faces selling pressure. Even a brief break above this resistance will require sustained buying volume to hold.
Should Bitcoin drop below the swing low of $84,230, it could signify a weaker short-term outlook. Conversely, a sustained rise above the immediate resistance could fuel momentum toward a significant resistance band between $92,820 and $111,180—widely regarded as a crucial target for this wave-four recovery phase.
Is Now the Time to Invest?
While Bitcoin’s potential to push higher is evident, investors are cautioned to remain vigilant as weekend trading patterns are historically volatile, often characterized by low volume and sudden trend reversals. As Bitcoin navigates through its broader wave-four corrective phase, the most likely path suggests a gradual three-wave A-up movement, followed by a B-wave pullback, and a final C-wave climb toward the higher resistance zones.
Stay Updated with Expert Resources
Keeping track of cryptocurrency movements requires access to timely and well-researched information. Platforms like CoinPedia provide high-quality updates on crypto and blockchain trends, following strict editorial guidelines to ensure accuracy and transparency. Whether you’re an investor or just exploring the market, staying informed can make all the difference.
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Final Thoughts
The road ahead for Bitcoin is gaining clarity but remains fraught with challenges. As the cryptocurrency inches closer to critical resistance zones, investors are advised to watch key support and resistance levels closely. Maintain a balanced strategy, and remember to do your research before making any financial decisions.
