Bitcoin's price hovers near the critical $97,000 support, potentially determining the market's direction. Elliott Wave analysis draws traders' attention.
$97,000: The Critical Support Level
Bitcoin’s current market trajectory rests on the $97,000 support level, according to Elliott Wave analysis by CryptoPatel. This level is pivotal for maintaining bullish momentum as traders eye a potential bounce back to $103,000. Failure to hold this support could lead to a significant decline, testing the next key level at $85,000.
Wave 4 Correction and Fibonacci Levels
CryptoPatel emphasizes the ongoing Wave 4 correction as part of Bitcoin’s Elliott Wave cycle, a natural phase within bullish trends. This phase is likely to target Fibonacci retracement levels between 0.382 and 0.618, offering insight into potential price movements. The key retracement levels include $90,048 (0.382), $85,063 (0.5), and $80,354 (0.618). These levels are benchmarks for determining the depth of the current correction.
$85,000: The Bearish Target
Should Bitcoin fail to maintain its position above $97,000, the next critical level lies at $85,000, according to CryptoPatel. This level aligns with the 0.5 Fibonacci retracement, marking it as a key downside target for Wave 4. This bearish target could act as a consolidation zone before BTC attempts to regain bullish momentum.
The outcome of Bitcoin’s current correction phase and its ability to maintain the $97,000 level could significantly influence future market moves. Monitoring these levels remains crucial for traders predicting further price scenarios.
