Cryptocurrency analyst Tolimanu has used Elliott Wave Theory to provide insights into the current position of Bitcoin in this market cycle. Based on his analysis, the bullish phase is not over yet, with this leading cryptocurrency expected to reach new highs.

Elliott Wave Theory indicates the current position of Bitcoin in this cycle

In a post on X, Tolimanu noted that in Elliott Wave Theory, a 5-wave bullish phase typically marks a major trend, and an 'ABC' correction is a natural pullback of that trend. Based on this, he stated that unless this Bitcoin correction breaks key long-term support levels, such a decline will typically set up the next higher-level bullish phase.

On the bearish side, his accompanying chart shows that Bitcoin could still adjust down to a low of $73,969 on wave C of the ABC correction. However, as the analyst suggested, holding above this support level could push BTC to new highs.

Technical expert Tony Severino recently warned that the price of Bitcoin is in a precarious state. Despite the recent bullishness, he believes BTC is still in a bearish condition. The expert noted that if the daily bullish momentum crosses the bearish trend, it could prevent a weekly bullish crossover and pull the weekly LMACD below zero.

In another post, Severino noted that Bitcoin's daily RSI has not exceeded 70, which is the key triggering factor needed for bullish momentum. He remarked that the last failure at the 70 level previously led to the most severe decline of the recent bear market. He added that the entire bear market remains below 70.

The technical expert also noted that in 2023, two local peaks exceeded 70, but were not convincing enough, while in 2024, the entire correction phase remains below 70 on the RSI. Essentially, Severino emphasized the importance of 70 on the RSI and how BTC is still in a bearish position.

BTC is looking to fill the CME gaps below and above

Cryptocurrency analyst Titan of Crypto revealed that Bitcoin is looking for the CME futures gap below and above its current price. The bullish gap is between $96,480 and $97,300, while the bearish gap is between $91,990 and $93,400. In another post, the analyst suggested that BTC could fill the bearish gap before moving to bullish targets.

This comes as he noted that the next key support threshold for Bitcoin is the daily Fair Value Gap, at around $90,000. The analyst added that the likelihood of a bounce back from that zone is very high. His accompanying chart shows that the target for this bounce back is $102,096. At the time of writing, Bitcoin is trading at around $94,300, down in the past 24 hours, according to data from CoinMarketCap.