Bitcoin’s $97K support is crucial for its next move, possibly bouncing toward $103K in the near term.
A break below $97K could send Bitcoin to $85K, marking the next key level in the Elliott Wave correction.
Fibonacci retracements suggest recovery zones at $85K or $80K, hinting at Bitcoin’s potential bullish resurgence.
Bitcoin's price hovers near the crucial $97,000 support as CryptoPatel identifies potential moves that could shape the market's direction. With the Elliott Wave analysis in focus, traders await clarity on whether BTC will rebound or drop further.
Source: Crypto Patel
$97,000: The Critical Support Level Holding BTC's Momentum
Bitcoin’s current market trajectory rests on the $97,000 support level, according to CryptoPatel’s detailed Elliott Wave analysis. This level is pivotal for maintaining bullish momentum as traders eye a potential bounce back to $103,000. Failure to hold this support could lead to a significant decline, testing the next key level at $85,000.
Moreover, the analysis identifies this zone as a critical threshold for Bitcoin’s price action, highlighting its importance in shaping near-term movements. Traders are keenly observing whether BTC will sustain this level or face further bearish pressure. The significance of the $97,000 zone aligns with broader market sentiment, making it a focal point for short-term decisions.
Additionally, CryptoPatel explains that holding above $97,000 could spark renewed optimism for bullish momentum, targeting recovery beyond $103,000. On the other hand, a breach below this critical zone could drive BTC towards lower Fibonacci retracement levels.
Wave 4 Correction and Fibonacci Levels: What to Watch Next
CryptoPatel emphasizes the ongoing Wave 4 correction as part of Bitcoin’s Elliott Wave cycle, a natural phase within bullish trends. This phase is likely to target Fibonacci retracement levels between 0.382 and 0.618, offering insight into potential price movements.
The key retracement levels include $90,048 (0.382), $85,063 (0.5), and $80,354 (0.618). These levels are benchmarks for determining the depth of the current correction. If Bitcoin retraces toward $85,000, it could signal the completion of Wave 4 and lay the groundwork for a bullish reversal.
Furthermore, the analysis suggests that these Fibonacci levels offer crucial zones for traders to evaluate potential entry points. As Bitcoin fluctuates between these levels, the broader market outlook remains cautiously optimistic. Consequently, the depth of this correction will play a significant role in shaping BTC’s next major move.
Significantly, CryptoPatel points out that a stabilization at these retracement levels could set the stage for Bitcoin’s resurgence. The outcome of this phase may lead to a bullish breakout, positioning BTC for a new all-time high in the current market cycle.
$85,000: The Bearish Target If Support Fails
Should Bitcoin fail to maintain its position above $97,000, the next critical level lies at $85,000, according to CryptoPatel. This level aligns with the 0.5 Fibonacci retracement, marking it as a key downside target for Wave 4.
Additionally, this bearish target could act as a consolidation zone before BTC attempts to regain bullish momentum. Traders are advised to monitor this level closely, as it may define the depth of the current correction. The $85,000 mark also represents a significant psychological barrier that could influence market sentiment.
Besides this, CryptoPatel’s analysis highlights the potential for a deeper retracement toward the 0.618 level at $80,354. However, such a move would likely mark the end of Wave 4 and initiate a bullish recovery phase. The implications of this correction phase are critical for traders preparing for the next major price swing.
