Bitcoin is currently hovering around $57,000, and the overall market situation remains relatively stable. It is currently in the second adjustment phase since its strong rebound from the low of $15,443. The first adjustment took about 150 days, while the current round of adjustment is close to 116 days, indicating that the market is gradually finding a new equilibrium point.

In the latest analysis, we identify two potential paths for Bitcoin's future trend:

Assuming the formation of a classic WXY adjustment pattern, the lowest point has reached $53,329. If the market follows the yellow path, that is, the completion of the rising phase of the Y wave, it indicates the establishment of a new round of upward trend.

Another possibility is that the market continues to fluctuate in the current range, and the recent rebound may only be part of the XX wave, and it may need to experience a Z wave decline before the upward trend can be initiated.

In either case, the $53,000 area is considered a preferred position for opening a position, as it may mark an important support level.

The market was particularly active yesterday. After hitting $53,329, the price of Bitcoin quickly rebounded to $58,500, and then experienced a series of rapid fluctuations, including two significant declines (to $54,300 and $54,800) and the subsequent rebound to $57,500. This series of actions may suggest that the market is building a triangular oscillation structure. If this structure is established, the subsequent decline of the Z wave may be ushered in; on the contrary, if the market can quickly break through the current range, the bottom will be further confirmed.