Wave Theory Interpretation:

From the BTC daily chart on May 20, 2025, the upward wave starting from 74508 has formed a complete impulsive structure, with the 3rd wave significantly extended and ending around 106800. The 4th wave completed a 0.382 retracement of the 3rd wave near the previous high, presenting a typical corrective pattern in terms of slope. The current price has started to rebound since May 19. If it can break above 107108, it can confirm that the 5th wave since 74508 has begun, with a theoretical target pointing to the Fibonacci 1.618 extension level, which is around 125000. However, if the rebound fails and breaks below 99076, it will be necessary to reassess whether the previous upward wave 3 has ended. The current stage may still be the B wave rebound structure within the 4th wave, increasing the risk of a subsequent C wave retracement. Overall, 107108 is the key short-term resistance, and 99076 is the limit for retracement. The validation of the price movement structure will serve as a basis for determining whether wave 5 will unfold in the future.