Bitcoin Analysis on the Medium Term:
🪙BTC/USDT
Bitcoin on larger time frames like the daily and weekly has formed four waves on the upward trend that has been in place since October 15, 2023, and so far respects that trend.
The price staying above this general trend indicates that we are still in an upward wave dominated by Bitcoin only.
There remains a fifth and final upward wave before we see a strong correction for Bitcoin, targeting $126,000.
Note that it is not necessary for wave (5) to achieve a new peak; most fifth waves settle at the peak of wave (3).
Therefore, the target of $126,000 requires closing two weekly candles above $110,000 (the peak of wave three).
Analysis on smaller time frames follows...🤌
