Bitcoin is on the verge of a major breakout, potentially reaching $130,000 with proper bullish confirmations. Analyst Hov’s Elliott Wave analysis suggests a new target of $131,060, emphasising key resistance levels and indicators. Current support is at $80,000, and maintaining this level is essential for confirming bullish trends. Despite volatility, Bitcoin displays resilience and seeks to surpass critical resistance levels.
Bitcoin is nearing a significant breakout, with price momentum building as it approaches major resistance levels. Recent technical analysis indicates that the next upward movement could take BTC to approximately $130,000 if certain bullish confirmations occur.
Crypto analyst Hov has shared an Elliott Wave analysis suggesting that Bitcoin could exceed its previous all-time high of over $109,000, aiming for a target of $131,060 in this cycle. He detailed a roadmap that relies on a bullish confirmation pattern supported by key technical indicators.
Despite recent downward trends, Hov remains positive about Bitcoin, noting its movement towards essential bullish confirmation levels. He highlighted that Bitcoin sits just below significant resistance in the $89,000 to $94,000 range, which is critical for further price increases.
Hov’s analysis indicates a developing diagonal pattern from recent lows, which can be considered a bullish confirmation in Elliott Wave theory. However, he cautions against initiating new positions at current resistance levels and advises traders to monitor for a slight upward movement to complete Wave 5. This completion would signal a subsequent pullback, essential for confirming the bullish setup.
Currently, Bitcoin is in Wave 5, with support at approximately $80,000 being crucial. A successful pullback here could indicate strength and lead to the formation of an Inverse Head and Shoulders pattern, setting a bullish trajectory. If Bitcoin maintains above $80,000 and breaks the $89,000 resistance, it may advance towards a Fibonacci target of $94,000.
Nevertheless, $100,000 poses a psychological and macro barrier; a higher timeframe (HTF) close above this level would signify strong bullish momentum, supporting a move toward Hov’s target of $131,060. However, confirmations at significant levels are vital for the bullish scenario to materialise.
Currently, Bitcoin is trading at $84,968, showing a modest gain of 1.6% over the past week. Amid volatility linked to recent US political developments, Bitcoin displays resilience, continuing its efforts to surpass critical resistance and attain new highs. Crypto metrics indicate a shift towards neutral sentiment, with the long-term outlook remaining broadly bullish.
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