- Bitcoin’s Wave 5 targets suggest a rally to $105K–$176K, backed by Fibonacci extensions and historical price patterns.
- A confirmed breakout above resistance levels could push Bitcoin to new highs before a potential market correction.
- Strong Fibonacci confluences and Elliott Wave analysis support Bitcoin’s bullish momentum, signaling a final leg up.
Bitcoin’s price action suggests it might be entering its last major upward move before a potential bear market. Market analyst Egrag Crypto highlights an Elliott Wave 5 pattern that could propel Bitcoin to new all-time highs. The analysis, based on Fibonacci retracement and extension levels, presents strong confluences for further bullish momentum.
Wave 5 and Key Fibonacci Targets
At $95,764.72, the price of Bitcoin has dropped 1.79% in the most recent session. Technical indicators, however, point to an impending breakout. Following past price patterns, the anticipated Wave 5 move corresponds with Wave 4’s Fibonacci extensions between 1.236 and 1.618. According to this range, Bitcoin might fetch between $105,000 and $176,000.
Source: Egrag Crypto
Key Fibonacci levels provide critical resistance and support points. The 0.618 retracement stands at $95,569.90, while the 0.786 level is marked at $114,659.64. Notably, Gains of 104.49% and 200% during previous rallies strengthened the likelihood of another upward surge. Bitcoin may hit significant benchmarks of $105,000, $130,000, and $176,000 if it overcomes the present resistance.
Historical Patterns and Breakout Confirmation
The data reveals a previously formed descending broadening wedge. Historically, such structures signal bullish breakouts, and Bitcoin has already moved past key resistance at $44,608.43. This breakout initiated the current uptrend, supporting further price appreciation.
Wave analysis shows Bitcoin completed Wave 3 before entering a consolidation phase in Wave 4. The expected Wave 5 move aligns with Fibonacci-based targets, reinforcing the bullish case. Moreover, a key horizontal support level at $69,725.71 strengthens the market structure.
Momentum and Market Outlook
Bitcoin’s price remains above crucial Fibonacci levels, maintaining strong bullish momentum. If resistance zones are broken, new highs could materialize within the projected range. The alignment of Fibonacci confluences, previous breakouts, and structured Elliott Wave patterns indicate a continuation of the uptrend.
