$BTC #BTCETFSPOT

Short-Term #Bitcoin Chart Analysis

Today, I believe Bitcoin might be gearing up for a corrective move.

However, there are factors to consider, such as the potential for no correction or only a brief one, due to the launch of Bitcoin #ETF options today. This adds some uncertainty to the situation.

Looking at this through Elliott Wave Theory, I think two scenarios are possible:

1. The Final Wave of 3-5 Waves

In this scenario, we would see the completion of the 3-5 wave structure, with the fourth wave being relatively short (as indicated by the yellow line), followed by another upward move. After that, a correction would likely occur.

2. ABCDE Structure in 3-5 Waves

The second scenario also falls within the 3-5 wave structure but develops as an ABCDE pattern instead.

Ultimately, both scenarios are quite similar. If the market doesn't follow these scenarios, it is out of my hands, but I hope for a positive outcome for Bitcoin.

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