Bitcoin (BTC) pushed back, but the bullish argument is alive... "90,000 dollars still valid"

▲ Bitcoin (BTC)

An analysis has emerged that Bitcoin (BTC) has maintained its $90,000 upward scenario even after a correction.

According to the cryptocurrency specialized media 99Bitcoins on September 3 (local time), FX Empire analyst Arnout Ter Schure evaluated the recent decline as a correction process rather than a trend reversal. Bitcoin rose to $81,330 on August 28 after holding $64,402. Schure suggested that the subsequent decline could correspond to the fourth wave in Elliott Wave theory.

The core of the analysis lies in whether a fifth upward wave remains. FX Empire is tracking five sub-waves within a larger upward structure. The explanation is that if the fourth wave concludes as a correction, a final fifth upward wave could follow. The ideal completion range for this scenario is a $5,000 range above and below $90,000.

For the bullish argument to remain alive, $72,994 must be held. FX Empire presented this price as a major warning line for the bullish theory. If the daily closing price forms below $72,994, the possibility of a fifth wave weakens. The analysis also suggests that the risk of the rally that started from the August low already ending increases.

Further below, $66,919 is virtually the last line of defense for the bullish scenario. In standard Elliott Wave theory, the fourth wave should not overlap with the first wave's territory. FX Empire explained that if Bitcoin falls to $66,919, this bullish wave analysis would be invalidated. Conversely, if the resistance of $79,000-$81,330 is breached again, the fifth upward wave could gain momentum.

The upper target range is $85,200-$95,400. This range includes the central target of $90,000 for this Elliott Wave analysis. If $72,994 breaks, attention shifts to $66,919. FX Empire analyzed that the continuation of the upward wave should be determined based on these support and resistance levels.

[Article Key Summary]

-An analysis suggests that if Bitcoin's recent correction is the fourth wave in Elliott Wave theory, it could head towards $90,000 through a final upward wave.

-If $79,000-$81,330 is breached again, $85,200-$95,400 is presented as the upward target range.

-A break below $72,994 weakens the bullish argument, and if it falls to $66,919, this Elliott Wave scenario is invalidated.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*