Bitcoin is poised to make a significant move, targeting the $130K mark. Several key indicators point to this target:
1. Fibonacci Extension: The 0.618 Fibonacci extension, measured from wave 1 and wave 3 to wave 4, aligns with $130K. This makes it a crucial technical level.
2. Long-Term Trendline: Bitcoin's current bullish cycle is approaching a dynamic resistance level, further reinforcing $130K as a major target.
3. Elliott Wave Theory: We are currently in the final phase of a 5-wave impulse, with wave 5 having started at $49K in August. Previous waves 2 and 4 showed consolidation, typical before a major push to complete the cycle.
What’s Next After $130K?
Historically, Bitcoin experiences sharp pullbacks of 70-80% after major bullish cycles. This suggests we could see a retracement to $60K in the next bearish cycle.
The Strategy
- Take Profit at $130K: As Bitcoin nears this level, it’s wise to secure gains.
- Enter Short Futures: After taking profits, consider shorting Bitcoin to benefit from the expected pullback. Holding short positions can also yield funding fees during the bearish cycle.
By planning ahead, investors can capitalize on Bitcoin's volatility, navigating both bullish gains and bearish corrections.
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