- Bitcoin has completed a clean corrective wave and now builds strength above one hundred three thousand dollars.
- The wave three target is placed between one hundred fifteen thousand and one hundred twenty-seven thousand dollars.
- Trendline and volume both align as Bitcoin tests resistance with the next move possibly confirming a breakout.
Bitcoin has completed its Wave 2 correction and may now be entering a fresh upward trend based on the Elliott Wave structure. The pattern, posted by analyst @decodejar on June 24, shows a clear progression through wave counts with a projected breakout. Price action has respected trendlines and remains above $103,000, maintaining bullish structure.
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Elliott Wave Structure Shows Clean Progression
The latest Bitcoin chart uses Elliott Wave Theory to map its cycles with detailed counts from wave i to wave (ii). According to the visual model, Bitcoin has already completed a five-wave upward movement followed by an ABC correction within a defined channel. That correction marks the end of Wave 2.
The pattern displays the corrective ABC structure neatly confined inside a downward-sloping box, now showing signs of completion. Bitcoin found support along the long-term trendline and bounced just above $101,000, validating its upward momentum.
Key price levels in the structure range from $91,000 at the start of the cycle to over $103,000 as of the latest update. The chart suggests the next movement may form Wave 3, often the strongest in Elliott patterns. An upward arrow implies possible acceleration beyond $115,000.
Price Holds Channel as Volume Supports Reversal
Bitcoin’s price traded in a narrowing downward range during the correction, respecting the edges of a parallel channel. The corrective wave completed near $101,800 before price rebounded strongly, suggesting renewed buying interest. This price movement has occurred in line with historical wave patterns.
Volume data accompanying the chart reveals growing support near the lower bound of the structure. As price lifted, short-term indicators aligned with potential bullish continuation. Breakout confirmation above the upper line of the channel may signal the start of Wave 3.
Trendline support drawn from earlier lows has remained untouched, adding more weight to the bullish scenario. This upward-sloping support stretches back several weeks and has been tested multiple times. The structure remains intact and confirms higher lows throughout the corrective period.
Can Bitcoin Enter Wave 3 and Surpass $115,000?
With Wave 2 now complete, the next technical phase could be a strong rally toward the $115,000 to $127,000 region. The projection arrow on the chart suggests a vertical climb once the correction ends and momentum returns. Price is currently testing the final portion of the channel for breakout confirmation.
The upcoming sessions are crucial in confirming the breakout above recent highs near $105,000. A close above this level may open the path toward significant gains. Many traders are now watching closely for a clean impulse structure to validate the beginning of Wave 3.
As the market holds above the long-term support and shows structured progression, one question remains—can Bitcoin use this breakout to fuel a new high before July ends?
