Bitcoin (BTC/USD): Multi-Chart Technical and Cycle Analysis

Wave Path: Elliott Wave Structure

The first chart illustrates Bitcoin’s projected price trajectory based on Elliott Wave Theory. Current price action is interpreted as part of a broader corrective phase, unfolding through a clearly defined wave sequence. The structure suggests that the market is progressing through a five-wave impulsive decline, consistent with an Intermediate-degree corrective move.

This wave path provides a probabilistic roadmap rather than a deterministic forecast, outlining how price typically behaves when similar structural conditions are present as demonstrated in the chart below. The key implication of this chart is that the ongoing weakness represents a late-stage corrective process, not a breakdown of the broader market cycle.

Fibonacci Retracements: Structural Validation of Wave Levels

I’ve placed Fibonacci retracement and extension levels onto the active wave structure to determine the corrections and their structured positioning in various price levels. These retracement zones align closely with the anticipated termination points of individual waves, reinforcing the validity of the proposed wave count.

Key levels to watch here remain at the retracement of the third wave, most importantly the 0.618 at $64,300 and 0.236 at $102.500.

Notably, the interaction between price and Fibonacci levels coincides with historically reactive zones of demand and supply. This confluence strengthens confidence in the identified support and resistance areas and supports the broader interpretation that the correction is unfolding in a technically disciplined manner rather than randomly.

Concentration of Supports and Resistances

There is a dense clustering of historical support and resistance levels derived from prior price action. These zones represent areas where market participation has previously intensified, creating strong psychological and structural barriers.

Such concentrations are critical for forward-looking analysis, as they tend to dictate where price is likely to stall, reverse, or accelerate. The chart underscores several key inflection levels that are expected to play a decisive role in determining whether Bitcoin stabilizes, rebounds, or extends its corrective move.

Ranges at $90,000 and $92,000 remain a decisive barrier due to the high concentration of supports and resistances. While $64,300 remains the primary target of the 4th wave, we shall not neglect the notable resistance area at $69,000 which could possibly turn into a stronghold and bounce the price upwards.

Path to $150K: Long-Term Channel Projection

The final chart presents a long-term perspective, mapping Bitcoin’s price action within a persistent upward channel that has guided the market since 2020. This channel has repeatedly acted as a framework for both impulsive advances and corrective pullbacks.

Assuming the channel remains structurally intact, Bitcoin’s longer-term trajectory continues to support the potential for a move toward the $150,000 region following the completion of the current corrective cycle. Importantly, this projection does not imply a straight-line advance but rather a continuation of the historical pattern of expansion, correction, and re-acceleration within the established trend.

The price follows the channel precisely. After several touches and assumed breakouts, the BTC is back floating in this canal. Selling pressure is still high, so assume Bitcoin is a raft and it’s sailing against the stream, and as of now it seems as if it’s tired. Hence, cooldown is required for another sail.

Final Remarks

Taken together, these charts suggest that Bitcoin is navigating a technically coherent correction within a broader bullish market cycle. Wave structure, Fibonacci alignment, and historical support-resistance behavior all point toward a market in the process of resetting rather than reversing its long-term trend.

A reset is a must before we can go any further. Bitcoin needs a cooldown and levels at $70,000 – $64,000 are the most technically convenient for BTC to regain power and flash into a new bullish cycle towards $150,000 and maybe even beyond.

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