#BTCBreaksATH

Bitcoin started 2025 on the wrong foot, falling by over 30% and culminating with a low of $74,500 in April. The Bitcoin price started another upward movement in June and reached a new all-time high of $111,999 today. However, the Bitcoin price bounced in the final week of June, creating a bullish engulfing candlestick (green icon) and invalidating the breakdown.

Since the BTC price is at an all-time high, the 1.61 external Fibonacci retracement resistance can give the next target at $131,000.

While the Fibonacci level is a suitable preliminary target, the wave count can give a more accurate assessment of Bitcoin’s future price direction. The Bitcoin price reached a new all-time high of $111,999 on July 9.

The lack of overhead resistance could trigger a parabolic rally.

Bitcoin’s wave count provides a target of $237,185 for the top of the current market cycle.#BTCBreaksATH