Key Takeaways
- Bitcoin (BTC) created a bullish engulfing candlestick in June.
- The Bitcoin price reached a new all-time high of $111,999 today.
- With no overhead resistance, how long will Bitcoin’s increase continue?
Bitcoin started 2025 on the wrong foot, falling by over 30% and culminating with a low of $74,500 in April.
However, Bitcoin’s bounce since then has been extremely impressive.
After reaching a new all-time high of $111,980 in May, Bitcoin corrected to $98,200.
The Bitcoin price started another upward movement in June and reached a new all-time high of $111,999 today.
Let’s examine the charts and see where the price will head next.
Bitcoin’s New All-Time High
The Bitcoin (BTC) price fell to a low of $98,240 in June, risking a breakdown below the $104,000 horizontal area.
The decline was critical since it risked invalidating the $140,000 support area, which previously was the all-time high.
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However, the Bitcoin price bounced in the final week of June, creating a bullish engulfing candlestick (green icon) and invalidating the breakdown.
Then, it resumed the upward movement this week, reaching a new all-time high of $111,999 on July 9.
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.
Start of a Bigger Rally?
Bitcoin’s wave count analysis gives an extremely bullish price prediction.
The count suggests that Bitcoin is in the fifth and final wave of an upward movement that started in December 2022.
Wave five has extended, and the sub-wave and minor sub-wave counts are in black and orange, respectively.
While there are numerous possible patterns for the development of the final wave, such as an expanding or contracting diagonal, the parabolic nature of the increase makes an extension the most likely.
The first target for the upward movement is at $237,185, found by giving wave five the same length as waves one and three combined.
Bitcoin’s short-term outlook aligns with the bullish prediction.
It shows that Bitcoin completed a five-wave upward movement (green) and a W-X-Y correction (red) since April 7.
The correction was contained inside a descending parallel channel, and Bitcoin’s recent breakout confirms the correction is over.
Therefore, the wave count remains valid while the BTC price does not fall below the wave Y low of $98,200 (red).
Bitcoin is Not Done Yet
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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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