Bitcoin continues to demonstrate strong bullish momentum, maintaining its upward trajectory despite short-term volatility. As of June 27, BTC is trading around $107,000, reinforcing the ongoing bullish structure that began from the $74,457 low. While the broader market sentiment remains optimistic, traders should remain alert to potential short-term corrections within the larger uptrend.
This analysis dives into the current market structure using wave theory and key technical levels to identify potential support zones and future price targets. Whether you're a long-term holder or an active trader, understanding these dynamics can help refine your strategy and improve timing.
Bitcoin's Macro Uptrend Remains Unchanged
The primary trend for Bitcoin remains firmly bullish. The rally from the $74,457 swing low to the peak near $111,959 represents what appears to be a significant Wave A in Elliott Wave terms — a powerful initial leg up driven by renewed institutional and retail interest.
Following this surge, Bitcoin corrected down to the $98,000 zone, which aligns with what is likely Wave B — a typical retracement phase that tests sentiment and shakes out weaker hands. Now, the market appears to have entered Wave C, the final and often strongest phase of an impulse wave.
Historically, Wave C rallies can extend well beyond the length of Wave A, especially in strong bull markets. Based on this pattern, the target remains unchanged at $130,000, assuming the broader structure holds.
Short-Term Pullback Possible — Key Support Zone Identified
While the long-term outlook is positive, short-term price action may see a pullback. Such corrections are normal within healthy bull markets and offer strategic entry opportunities for those waiting to re-enter or increase exposure.
Using Fibonacci retracement levels from the recent low to high ($74,457 to $111,959), potential pullback zones include:
- 23.6% retracement: ~$104,000
- 38.2% retracement: ~$101,500
- 50% retracement: ~$98,200
However, according to structural analysis and on-chain data, the most likely support zone lies between $104,000 and $105,000. This range has shown repeated buying interest in past cycles and aligns with strong accumulation levels observed in whale wallet activity.
It's important to note: exact reversal points are never certain. Whether using wave theory or traditional support/resistance analysis, traders should prepare for multiple scenarios and avoid over-committing capital based on predictions alone.
Strategic Entry Approach: DCA Into Dips
For investors looking to "second entry" into Bitcoin — that is, adding to existing positions or entering after missing earlier gains — a disciplined approach is essential.
Given the uncertainty of precise pullback depths, dollar-cost averaging (DCA) into the $104K–$105K zone offers a balanced risk-reward profile. This method reduces exposure to volatility while capitalizing on potential short-term weakness.
Moreover, maintaining a portion of dry powder allows flexibility if deeper corrections occur. Remember: even in strong uptrends, markets rarely move straight up. Patience and structure-based entries often outperform impulsive decisions.
Frequently Asked Questions (FAQ)
Q: Is Bitcoin still in a bull market?
A: Yes. The higher highs and higher lows since early 2025 confirm an ongoing bull trend. The rally from $74K to $112K, followed by a shallow correction, supports continued bullish momentum toward $130K.
Q: What happens if Bitcoin drops below $104,000?
A: A break below $104,000 could signal deeper correction toward $101,500 or even $98,000. However, as long as price holds above $95,000, the overall uptrend remains intact.
Q: How reliable is wave theory in crypto markets?
A: Wave theory has shown recurring effectiveness in identifying trend phases in Bitcoin’s volatile cycles. While not 100% predictive, it provides a structured framework for assessing market psychology and potential turning points.
Q: Should I sell before a possible pullback?
A: If you're holding long-term with strong conviction, selling ahead of a pullback isn’t necessary. Instead, consider viewing dips as accumulation opportunities rather than threats.
Q: What triggers the next leg up in Bitcoin?
A: Key catalysts include increased ETF inflows, macroeconomic shifts (like rate cuts), and growing institutional adoption. On-chain metrics such as exchange outflows and rising active addresses also support further upside.
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Market structure suggests that while short-term fluctuations are expected, the path of least resistance for Bitcoin remains upward. Staying aligned with the dominant trend — while respecting key support zones — increases the probability of successful outcomes.
As always, risk management is critical. Use stop-loss orders where appropriate, avoid excessive leverage, and base decisions on confirmed price action rather than speculation.
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Bitcoin’s journey toward $130,000 is unfolding within a clear wave pattern and supported by strong fundamentals. While a pullback toward $104,000–$105,000 is possible — even healthy — the overarching bullish structure remains intact.
Traders and investors alike should focus on process over prediction: define your strategy, manage risk, and let the market confirm your thesis. With discipline and clarity, this phase of the cycle can be navigated successfully.