In recent days, Bitcoin's price has been in a state of consolidation after reaching an all-time high. However, analysis suggests a possible end to the correction and opening up new horizons for growth.
Current Market Situation of Bitcoin
Today, the price of **Bitcoin (BTC)** remains in consolidation after hitting an all-time high of $111,980 on May 22. Since then, BTC has shown sideways action within the range of $100,000 to $110,000, currently trading around $107,000.
Elliott Wave Correction
Recent analysis by a popular crypto analyst indicates that Bitcoin is potentially forming a complex Elliott Wave correction pattern labeled as W-X-Y. Within this structure, the current leg is expected to evolve into a contracting triangle, typical of Wave Y corrections, which often marks the last leg before the resumption of the main trend.
Prospects for Bitcoin
Once the E wave of the triangle completes, this correction would likely conclude, potentially paving the way for a new bullish impulse. If BTC manages to hold the daily support and confirm the breakout from the triangle, a fresh rally towards new all-time highs at the $120K+ level could follow.
Currently, Bitcoin is showing signs of completing its correction and potential for growth towards new heights. Investors are advised to monitor further market movements and analyze the situation.
