Peter Smith
⬤ Bitcoin is trading within a corrective formation after pulling back toward the mid-$80,000 range. The chart reveals an Elliott Wave structure taking shape, with Bitcoin retreating into a green support zone that lines up with a potential (B) wave area before the next major move develops.
⬤ Currently trading near $86,600, Bitcoin stays comfortably above the critical $80,000 support level. A drop below this threshold looks unlikely right now. Instead, the market may continue moving sideways through smaller price swings as it builds a solid base. The analysis points to a possible brief dip toward the $84,000–$85,000 range during this consolidation phase. This matches the wave structure on the chart, which positions the green zone as the foundation for completing the (B) leg before an upward continuation.
⬤ "Market behavior has been difficult, with price movements that remain challenging even when the overall direction appears clear," notes the analysis, reflecting the frustration many traders feel during these sideways periods.
⬤ The longer-term outlook suggests a possible (C) wave advance could be coming. The white trajectory on the chart indicates significant room for upside once consolidation wraps up. Despite recent volatility, the current wave count still favors a renewed climb as long as Bitcoin holds above the identified support zone.
⬤ This setup matters for the broader crypto market because Bitcoin's stability above major support heavily influences overall sentiment. A firm base at these levels creates the conditions for fresh momentum and could drive capital flows across both Bitcoin and altcoins. If the projected structure plays out and Bitcoin enters a higher-degree (C) wave, the market might shift toward a more positive outlook after weeks of sharp swings.
Peter Smith
