Bitcoin price is at the 72,300 level, and last night it surged to 73,660, just 200 dollars away from the previous high of 73,881. The probability of breaking the previous high is very high. So first, I remind everyone not to short.
From the overall structure, Bitcoin started adjusting from 73,881, completing the triangular Z wave in the form of WXYXZ, and after this, it will start a new round of market. The current yellow route is the third wave, and its increase will reach at least about 18% of the first wave, which means the target is between 77,000 and 78,000. According to the normal extension factor of 2.618, this wave even has the potential to hit 86,000. Therefore, the minimum should be around 78,000, and normally it will exceed 80,000. From the larger cycle perspective, Bitcoin is in a double sawtooth structure, and the new rising cycle that started from the point of 15,443 is expected to continue above 90,000, possibly reaching 110,000.
Based on the above analysis, do not short. If you are chasing short-term gains, consider setting a stop loss at the 69,000 level. If you cannot accept this stop loss, then consider positioning in spot. The confirmed yellow route during the breakout at 71,000 has a first target above 80,000 and a second target above 110,000.
