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Bitcoin Eyes New All-Time Highs Amid Key Consolidation Zone
- Bitcoin is potentially set to consolidate between $100,000 and $105,000 before the next major upward move, according to an analyst.
- There is a possibility for Bitcoin to dip into the $92,000–$95,000 range or even down to $85,000 without invalidating the bullish market structure.
- Based on Elliott Wave Theory, Bitcoin is currently in a corrective phase following an impulse move and could extend as low as $85,000.
- The analyst projects a long-term move towards $238,000, highlighting the critical $74,000 level as key for the bullish scenario.
- A drop below $74,000 could signal a breakdown of the current wave structure and alter the cycle's outlook.
- Bitcoin's wave structure remains intact, with wave three potentially in progress.
- Short-term price fluctuations are expected, but the overall bullish sentiment is maintained.
- The analyst emphasized the importance of Bitcoin staying above $74,000 to validate the macro bullish scenario.
- Bitcoin's consolidation zone is viewed as crucial for altcoins to establish local bottoms.
- The post on Coindoo discusses Bitcoin's price actions amid potential geopolitical events like Israel and Iran's conflict in 2024.
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