Bitcoin Elliott Wave Analysis – July 21, 2025
Current Market Structure:
BTC appears to be in a Wave 3 of a larger Impulse Wave (1–5) formation after breaking out from the Wave 2 correction earlier this year.
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Wave Count Breakdown (Daily Chart Outlook):
Wave 1: Began near $38K, peaked around $52K.
Wave 2: Corrective pullback to ~$44K (ABC structure).
Wave 3: In progress – potentially aiming for $68K–$72K zone (strong momentum, high volume).
Wave 4: Expected retracement could dip to ~$60K–$62K (watch for triangle or flat pattern).
Wave 5: Final push could target $80K+ if Wave 3 confirms full strength.
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Key Technical Notes:
Wave 3 is typically the strongest and longest, and BTC’s recent rally shows high conviction among bulls.
Fibonacci extension from Wave 1 projects Wave 3 ending between 1.618–2.0 levels (~$68K–$72K).
RSI approaching overbought—signals potential Wave 4 pullback soon.
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Short-Term Outlook:
🔹 Bullish Bias remains while above $60K
🔹 Watch for local top formation in $70K range
🔹 Breakout from Wave 3 zone may lead to a brief correction (Wave 4) before next surge
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