The Bitcoin bull tail phase is likely moving towards a terminal inclined triangle, currently in the fourth sub-wave of the terminal inclined triangle.

The endpoint of the second sub-wave is the 0.5 retracement of the first sub-wave. If the endpoint of the fourth sub-wave is also the 0.5 retracement of the third sub-wave, the target level is around 96,000.

The 360-day moving average is an important support line during the bull tail phase, which played a crucial support role in August and September last year, as well as in April this year. Therefore, when the fourth sub-wave is completed, Bitcoin may once again find support at the 360-day moving average.

However, if it effectively falls below the 360-day moving average, it is likely to mean entering a bear market.