BITCOIN - BTC | Next Week Outlook: Deep Correction or Sideways Before the Next Move?

AI-generated source summary

The analysis focuses on Bitcoin (BTCUSDT) using a weekly timeframe. The presenter identifies a potential long-term wave 3 impulse, consisting of three sub-waves, followed by a shallow bear market correction in wave 2. The projection suggests that after this correction, Bitcoin is expected to enter a significant bullish phase, potentially reaching the 129,458.96 level. This bullish outlook is contingent on Bitcoin breaking above the 97,090.21 resistance. The analysis highlights a 70% bearish probability and a 30% bullish probability for the immediate future, with a key support at 34,345.18. If Bitcoin falls below this level, the bullish scenario would be invalidated. The presenter also discusses the possibility of a larger ABC correction if the current upward momentum fails, leading to a potential drop to 47,557.72. The analysis emphasizes that this is a highly complex Elliott Wave structure with multiple interpretations, but the primary thesis is a bullish continuation after a short-term correction. The long-term target of 129,458.96 is based on Fibonacci extensions and the potential for a major wave 3 over the coming years. The current price action is considered within a shallow bear market that may lead to a final bullish impulse.

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