Bitcoin holds above $77,000, analysts flag triangle pattern and $100,000 target

Wave 4 triangle formation emerges

Bitcoin hovered around $77,053 as it consolidated following a strong upward move, often described as a wave 3 advance in Elliott Wave terminology. Technical analysts from More Crypto Online indicated that the current pullback is likely a wave 4 correction that could be taking shape as an A-B-C-D-E triangle pattern. In this scenario, the cryptocurrency would continue to oscillate within a narrowing price range before the next directional move.

Support has been established close to $76,000, with upper resistance at $78,300. In order for Bitcoin to transition to a fifth-wave advance and potentially set new highs, it would need to decisively break above the $78,848 to $79,191 zone. Failure to do so could keep price action trapped within the triangle for an extended period.

A break below $76,000 could challenge the integrity of the triangle structure, shifting focus to Fibonacci retracement support at $75,169. If further selling emerges, possible downside levels are identified at $72,560 and $70,518.

Current technical analysis identifies a key support region around $76,000, while a breakout above $78,848 could signal renewed upward momentum for Bitcoin.

Analysts compare current price action to past market cycles

Analyst Rod, commenting on Bitcoin’s price structure, noted similarities between its present four-day consolidation and the accumulation phase that marked the 2022 market bottom. According to Rod’s analysis, the $63,000 to $70,000 range now serves as the main support zone in the event of a deeper pullback.

A swift descent into this range, if followed by a timely reversal, would bolster the bullish historical comparison. To confirm renewed upward momentum, Bitcoin would need to reclaim resistance near $82,000 after any corrective retracement.

Projections indicate an initial price target of $100,000, with the possibility for further gains toward the $120,000-$130,000 area. If Bitcoin breaks and holds below the $63,000-$70,000 support zone, analysts warn that the case for a continued bull market could weaken, leaving the recovery scenario unconfirmed.

Mini dictionary: Elliott Wave Theory, a technical analysis principle that identifies recurring price wave patterns in financial markets, with “waves” subdivided into advance and corrective phases to forecast possible future price movements.

Forecasts suggest that, after a potential correction into the $63,000-$70,000 area, a successful rebound and a move above $82,000 could place the $100,000 mark within reach, with higher targets also being discussed among analysts.