The Trust Layer for Market Analysts

The Bitcoin market is analyzed using Elliott Wave theory, identifying a potential bottoming or consolidation phase after a significant downtrend. The primary short-term setup suggests a bullish move from the current support zone around $76,000-$77,000, with a target for wave 'e' at the next resistance zone between $86,000 and $90,000. This analysis is based on the premise that the prior decline represented a three-wave corrective pattern (A-B-C), and the subsequent bounce is the beginning of a new bullish impulse wave (1-2-3-4-5). The critical failure point for this bullish thesis is identified below the $76,000 support level, specifically below $75,600, which would invalidate the interpreted structure and suggest a continuation of the bear market. The analysis also considers alternative scenarios, including a more complex five-wave move down, but the primary view favors a bullish retracement or continuation from current levels.