Bitcoin Price Elliott Wave Price Update: Understanding the Bullish and Bearish BTC Scenarios

Summary

Bitcoin is currently facing challenges, dipping below $96,000 after Powell's testimony, but it hasn't broken crucial support levels. The market still holds potential for an upward rally, with key levels like $93,630 providing support. If Bitcoin sustains above this, it could continue its rise, but a break below would suggest further correction. A possible ABC structure is forming, and market conditions are testing the broader thesis of a fifth wave unfolding. Watch for price movements around $98,500 to confirm potential breakout attempts. Overall, the market's behavior is oscillating, especially around the $100K area, with further analysis provided on the creator's channel.

Takeaways

• 😀 Bitcoin is currently below $96K, facing market challenges and struggling to sustain its local breakout.
• 😀 Despite recent market dip, Bitcoin hasn't broken any important support levels, though it did break below micro support.
• 😀 The main thesis suggests that Bitcoin is in the process of a fifth wave, with an ABC structure unfolding to the upside.
• 😀 The market is holding above the January 13th low, and a higher low is being formed, supporting the thesis of potential further movement upward.
• 😀 If Bitcoin falls below the $93,630 support level, the probability of a larger degree wave four unfolding increases.
• 😀 A triangle pattern is a possible scenario that hasn't been fully ruled out, with further sideways movement and a potential ABC structure.
• 😀 The $100K level is a key point for Bitcoin, with the market oscillating around it but not having a strong breakout in either direction.
• 😀 The creator is also offering additional content on a new channel (MCO Global), with videos discussing topics like gold, Coinbase, and Bitcoin's future potential.
• 😀 In the smaller timeframe, the market showed a rally on February 3rd, followed by a recovery and a potential WXY structure in the correction phase.
• 😀 Bitcoin's price behavior is largely dependent on holding above the $93,630 level. A break below that would significantly decrease the likelihood of an upside rally.
• 😀 A potential breakout attempt will be confirmed if Bitcoin moves above $98,500, which would suggest reduced downside pressure and the potential for a breakout to higher levels.

Q & A

What is the current state of Bitcoin's price in relation to the 96K level?

Bitcoin's price is currently below 96K, experiencing a dip in performance. This drop occurred late yesterday, and while the market has not broken any significant support levels, the price did fall below micro support, indicating a return to a local range.

What is the current thesis about Bitcoin's market direction?

The current thesis is that Bitcoin's market is forming a fifth wave of a larger degree fourth wave structure. This is expected to unfold as an ABC structure, with a potential rally ahead, provided certain support levels hold.

What support level is crucial for Bitcoin's price stability?

The critical support level for Bitcoin's price is 93,630. As long as Bitcoin stays above this level, the market could continue moving higher. A break below this level would increase the probability of a larger degree wave four unfolding.

What could happen if Bitcoin's price falls below the 93,630 support level?

If Bitcoin's price falls below 93,630, the likelihood of the market continuing to rally would decrease, and the ongoing pattern could be invalidated, particularly if it breaks below the secondary level of 91,470.

Is there any possibility that Bitcoin's current movement could form a triangle pattern?

Yes, it's possible that Bitcoin's current price movement could unfold as a triangle, involving waves A, B, C, D, and E. However, there isn't enough evidence yet to definitively label it as such.

Why is the 100K price level significant for Bitcoin?

The 100K price level is a significant psychological barrier for Bitcoin, making it a difficult level to break above. The market oscillates around this level without a clear impulsive breakout above it, suggesting resistance around this area.

What does the speaker mention about the MCO Global channel?

The speaker promotes the MCO Global channel as the new main platform for the community, offering additional content such as videos on topics like gold's long-term potential, Coinbase as a diversification option, and Trump's Bitcoin reserve.

What is the focus of the speaker's upcoming video on altcoin season?

The upcoming video on altcoin season will explore factors holding back the market, such as institutional sentiment and fundamental shifts needed to spark altcoin season. The speaker aims to analyze potential changes in geopolitical and economic factors that could drive more risk-taking in the market.

What correction pattern is identified in Bitcoin's recent price action?

The recent price action is labeled as a complex WXY correction, where an initial ABC correction was insufficient, leading to an additional lag down in the market. This WXY structure is a more complex correction that connects several ABC patterns.

What would confirm the next upside breakout attempt for Bitcoin?

The next upside breakout attempt for Bitcoin would be confirmed by a five-wave move up, followed by a three-wave pullback. Additionally, a break above the previous day's high of $98,500 would help reduce downside pressure and indicate the potential for an upward move.