Elliott Wave Theory Indicates Where Bitcoin Is in This Cycle – Has the Price Rise Ended?

Cryptocurrency analyst Tolimanu has used Elliott Wave Theory to provide insights into Bitcoin's current position in this market cycle. Based on his analysis, the bullish phase has not yet ended, with this leading cryptocurrency expected to reach new highs. Elliott Wave Theory shows the current position of Bitcoin in this cycle. In a post on X, Tolimanu noted that in the Elliott Wave Theory, a 5-wave bullish move typically marks a major trend and an 'ABC' correction is a natural pullback of that trend. Based on this, he stated that unless this Bitcoin correction breaks significant long-term support levels, such a decline will often set up the next higher-level bullish phase. On the bearish side, his accompanying chart shows that Bitcoin could still adjust down to a low of $73,969 on wave C of the ABC correction. However, as the analyst suggested, holding above this support level could push BTC to new highs.

Technical expert Tony Severino recently warned that the price of Bitcoin is in a precarious state. Despite the recent bullish trend, he believes that BTC is still in a bearish condition. The expert remarked that if the daily uptrend surpasses the downtrend, it may prevent the weekly bullish crossover and pull the weekly LMACD below 0. In another post, Severino noted that the daily RSI of Bitcoin does not exceed 70, which is the main triggering factor needed for bullish momentum. He remarked that the previous failure at the 70 level led to the most severe downturn of the recent bear market. He added that the entire bear market remains below the 70 level. Technical experts also noted that in 2023, two local peaks exceeded 70, but it was still not convincing, while in 2024, the entire correction phase remained below 70 on the RSI. Essentially, Severino emphasized the importance of 70 on the RSI and how BTC is still in a bearish position. BTC is trying to fill the CME gap below and above. Cryptocurrency analyst Titan of Crypto reveals that Bitcoin is looking for future CME gaps below and above its current price. The bullish gap is between $96,480 and $97,300, while the bearish gap is between $91,990 and $93,400. In another post, the analyst suggests that BTC may fill the bearish gap before moving on to bullish targets.

This occurs when he notes that the next important support level for Bitcoin is the daily Fair Value Gap, at around $90,000. The analyst added that the likelihood of a bounce from that area is very high. His accompanying chart shows that the target for this bounce is $102,096. At the time of writing, the price of Bitcoin is trading at around $94,300, down in the past 24 hours, according to data from CoinMarketCap.