Bitcoin has entered an extended fifth Elliott Wave, lifting the price beyond $120,000 with strong trading volume supporting the rally.
Historical wave patterns suggest Bitcoin could reach between $140,000 and $200,000 if momentum continues through the fifth wave.
Elevated RSI and trendline signals may indicate upcoming corrective action, though no confirmation of reversal has yet been observed.
Bitcoin’s recent rally has continued with strong momentum, pushing its price past the $120,000 mark. According to technical analysis based on Elliott Wave Theory, the cryptocurrency appears to be advancing through the fifth wave of a classic motive sequence. The pattern, which began in April, has closely followed expected impulse behavior, drawing increasing attention from analysts tracking long-term price movements.
From mid-April, Bitcoin began climbing from approximately $65,000, forming the first of five upward waves. Following a brief corrective move, the asset entered a powerful third wave, which drove prices past the six-figure threshold. This third wave, historically the strongest in such patterns, was accompanied by notable trading volume, confirming the strength of the upward move.
Volume spikes reinforce wave continuation signals
The most recent breakout, which lifted Bitcoin beyond previous resistance levels, occurred with a marked increase in volume. Analysts suggest this may validate the ongoing wave five, often the final move in a motive sequence before a potential retracement. Participation from institutional traders appears to be contributing significantly to this momentum.
The recent bull run has already been compared to the earlier bull runs of Bitcoin, especially the ones in 2017 and 2021. In both, it was above previous all-time highs during protracted fifth waves. Through these, with the trajectory of the given current pattern, the price targets of between 140,000 to 200,000 would be viable.
Momentum remains strong, but indicators near limits
While Bitcoin maintains strong bullish momentum, technical indicators such as the Relative Strength Index are nearing overbought levels. A potential slowdown could signal the end of wave five and the start of an A-B-C corrective phase. Analysts are watching closely for any breach of ascending support lines that may mark a shift in trend.
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