- Bitcoin holds above Fib 1.272 at $103,835, with eyes on the crucial Fib 1.618 resistance.
- The cryptocurrency is 63% toward its target price, indicating potential for a major price surge.
- A five-wave pattern needs to form for a confirmed bullish trend and sustained upward movement.
BTC has maintained its strength above the Fibonacci (Fib) 1.272 level at around $103,835. As the digital currency comes near the Fib 1.618 point, investors are expecting it to break through and rise. The next several days will play a significant role in whether BTC can build on its advances or reverse course.
Egrag Crypto highlighted that Bitcoin is only 63% of the way towards its target price of $103,835. The currency has demonstrated strength over the past two weeks by remaining above key support levels. According to Egrag, Bitcoin might be preparing for a big price move as it approaches the Fib 1.618 level. If Bitcoin breaks past this resistance, it may mark the start of a strong rally. However, watching short-term movements will reveal whether it can sustain its progress.
Source: X
Bitcoin’s chart is showing signs that the market could become more volatile. The ability of Bitcoin to overcome the 1.618 Fibonacci level will play a crucial role in its movement. Analysts are observing how Bitcoin behaves in the next few days. Moving past this resistance level would indicate that the trend is still upward. On the other hand, a failure to sustain these ranges could result in prices shuffling sideways before moving up significantly.
Bitcoin’s Ongoing Correction
More Crypto Online recently revealed that Bitcoin should be viewed as still undergoing a correction process. Further increases are possible, but the current price structure does not confirm that prices will remain low. A solid uptrend in Bitcoin would show as a diagonal pattern that has yet to occur.
Source: X
According to More Crypto Online, the crucial point is whether BTC constructs a strong upward five-wave pattern. If the price continues this trend, it would indicate an actual uptrend, and traders would likely notice it. As long as there is no clear trend, its ongoing success is yet to be seen. Cryptocurrencies are waiting for more apparent signs of where the market is headed in the near future.
BTC next steps depend on its success in breaking above some crucial levels of resistance. In the following days, how BTC performs will play a significant role in deciding if its rise will continue or if a drop is expected. Traders have to remain alert while the market is in motion.
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