Bitcoin has recently experienced a correction, declining by approximately 7% from its peak of $108,277 to around $100,544. This movement aligns with the Wave 4 structure in Elliott Wave analysis, indicating a temporary retracement. Analysts suggest that this correction could set the stage for a subsequent rally, potentially propelling Bitcoin's price to between $120,000 and $135,000 in the next impulse wave.
In the short term, Bitcoin's price is stabilizing at key support levels, with $98,000 and $85,000 identified as critical thresholds to monitor. A drop below these levels could signal a deeper correction, while maintaining support may indicate readiness for the anticipated upward movement.
Market sentiment remains cautiously optimistic, with some experts projecting that Bitcoin could reach $150,000 by 2025. However, they caution that the cryptocurrency might face significant volatility and potential corrections before achieving such milestones.
Investors are advised to stay informed about market trends and exercise prudence, as the cryptocurrency market is known for its rapid fluctuations and inherent risks.