Bitcoin completed wave 4 near $75K, setting the stage for wave 5’s upward breakout toward the projected $350K sell target.
BTC formed three technical bases since 2022, with wave 5 acceleration likely upon a confirmed close above the prior all-time high.
The current pattern reflects historic parabolic breakouts, where final waves deliver sharp price expansion following extended consolidation phases.
The Bitcoin [1W] chart is showing a revised Elliott Wave structure, pointing to a potential rise toward $350,000. With the correction phase now complete, technical patterns suggest the market may be preparing for a strong upward continuation.
$BTC Step-like Formation Suggests Accelerated Upside
According to market analyst Gert van Lagen, Bitcoin has followed a parabolic step-like formation since 2022. This pattern is known for producing rapid upside after the final consolidation base. The chart identifies three key accumulation phases—Base 1 in early 2023, Base 2 mid-year, and Base 3 ending in early 2024. Following the "X" mark at the end of Base 3, the structure transitions into a vertical trajectory, characteristic of exponential breakouts.
https://twitter.com/GertvanLagen/status/1940087585902129436
The revised Elliott Wave count shows blue wave 3 ending near $110,000 and blue wave 4 bottoming at around $75,000. Current structure indicates that wave 5 has begun, with subwaves i and ii already confirmed.
Bitcoin Breakout Hinges on Weekly Close Above ATH
The confirmation for the start of wave iii of 5 depends on a weekly breakout above the previous all-time high. If price closes decisively beyond this level, it could initiate the next impulsive leg upward. The chart places the “SELL LINE” target near $350,000, marking the projected peak of wave 5(5).
This setup mirrors historic Bitcoin parabolic cycles, where explosive moves follow lengthy base formations. While subwaves are forming, a break above ATH would provide the strongest technical signal for continued strength.
Wave Structure Aligns With Historical Patterns
The step-like parabolic curve displayed on the chart aligns with previous bull cycles that produced rapid exponential growth. The final wave is typically the steepest, driven by strong momentum and reduced supply.
With wave 4 completed and early movement in wave 5 underway, the market appears to be preparing for renewed acceleration. The projected path targets a new peak around $350K, conditional on breakout confirmation. This pattern-driven analysis suggests a potential price expansion phase is nearing if technical levels are breached.
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