Bitcoin analysis indicates that the rise will continue to levels of approximately $150$BTC thousand during the coming period, according to Elliott's theory.¹ The chart shows an analysis of Bitcoin's movement against the US dollar using the "LuxAlgo - Smart Money Concepts" tools, highlighting the following points:

Key points

- *Wave Formation*: Five upward waves (1-5) and two corrective waves (A-B-C) according to Elliott's theory.

- *Ascending price channel*: The price is moving within an upward channel, and it is expected to continue towards the channel ceiling.

- *Price Target*: The price may reach *$148,865.05* as the final target for the third major wave.

- *Expected Scenario*: After reaching the target, a temporary correction may occur, then the upward trend will continue.

Technical Analysis

Technical analysis shows that Bitcoin may form a Cup Pattern, which is a bullish pattern that indicates the possibility of a significant price rise upon its completion. After breaking out of the correction zone (Revision), the price has witnessed a strong vertical rise that exceeded the previous resistance levels. The price target is *$130,180.3*.

Forecast

- The price is currently moving in a stable ascending channel.

- If the current resistance level (Weak High) is broken, it is expected to target levels near $105,000 - $107,000.

- If the strong support at the "Strong Low" level (93,642) is broken, the price may return to test the $80,000 - $85,000 area.