Bitcoin Forms Two Wave Pattern With $97K Support And $116K Target Still Active

Bitcoin may complete a correction at $97000 before starting a new bullish wave toward the $116000 target.

The two-wave pattern suggests a possible sharp recovery after price hits the 1.272 Fibonacci extension area.

A breakout above $105000 may confirm strength and push Bitcoin back above $110000 to resume its upward trend.

Bitcoin (BTC) is trading at $100,589 after losing $2,150 in the last 24 hours, signaling short-term bearish pressure. Current market structure on the 4-hour chart suggests a likely move toward the $97,000 support area before a rebound. The pattern shows a completed correction wave “1” and a forming wave “2” that could push BTC deeper before any strong upside.