Based on this, he stated that unless this Bitcoin correction breaks major long-term support levels, such a decline would typically set up the next higher-degree bullish phase. Related Reading: LMACD Indicator Reveals Where The Bitcoin Price Is After Rejection From $97,000 On the bearish side, his accompanying chart showed that Bitcoin could still correct to as low as $73,969 on wave C of the ABC correction.
In another post, the analyst suggested that BTC might fill the downside gap before moving to the upside targets. Related Reading: Bitcoin Price Confirmed Local Bottom As All Indicators Flash Bullish, Where’s Price Headed? This came as he noted that the next key support for Bitcoin is the daily Fair Value Gap, which is around $90,000.
Based on his analysis, the bull run is not yet over, with the flagship crypto set to reach new highs. Elliot Wave Theory Shows Bitcoin’s Current Position In This Cycle In an X post, Tolimanu noted that in Elliot Wave Theory, a 5-wave move up typically marks a primary trend, and an ABC’ correction is a natural retracement of that trend.
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