The cryptocurrency market is once again capturing investor attention as Bitcoin surges past key resistance levels. On June 24, Bitcoin has climbed to $105,000, while Ethereum stabilizes around $2,400. After a sharp correction from its high near $111,959 down to $98,000, recent price action confirms that the pullback has concluded. A new bullish phase is now underway, with the primary target set above $130,000.
This article provides an in-depth technical analysis of Bitcoin’s current market structure, outlines the reasoning behind the renewed upside momentum, and explores what traders should watch in the coming weeks.
Understanding the Market Structure: ABC Correction Complete
From a technical perspective, the recent decline from $111,959 to $98,000 formed a textbook ABC correction pattern, a common structure observed in trending markets during temporary retracements.
- Wave A: A strong initial drop marked the beginning of the correction.
- Wave B: This evolved into a complex sideways movement, forming a clear triangle consolidation pattern—a classic sign of market indecision before continuation.
- Wave C: The final leg down completed the corrective phase, bringing prices to the $98,000 support zone.
With this full ABC sequence now confirmed, the market has reversed course. Last night’s breakout above key resistance levels signals the start of a new impulse wave—what many analysts refer to as Wave C of the larger uptrend.
This means the bearish phase is likely over, and we are entering what could be the most powerful leg of the current bull cycle.
Why This Uptrend Has Strong Momentum
Several factors support the view that Bitcoin’s rally is regaining strength:
1. Strong Support at $98,000 Held Firm
The $98,000 level acted as strong demand, absorbing selling pressure and triggering a swift rebound. Historical data shows this zone aligns with long-term moving averages and previous breakout areas, reinforcing its significance.
2. Volume Confirms Institutional Participation
Recent price increases have been accompanied by rising trading volume—a bullish signal indicating growing participation from institutional investors and large holders (whales).
3. On-Chain Metrics Show Accumulation
Data from blockchain analytics platforms reveals increased accumulation activity among long-term holders. Exchange outflows and rising wallet balances suggest confidence in higher prices ahead.
4. Ethereum Following Similar Pattern
Ethereum’s correction also appears complete, having stabilized near $2,400. With a projected target above $3,400, ETH’s recovery adds further validation to broader market bullishness.
Target Forecast: Aiming for $130K and Beyond
Based on Fibonacci extensions and wave projection models, the most probable target for this new upward move lies between $130,000 and $140,000.
Using standard Elliott Wave measurements:
- If Wave C equals 1.618 times Wave A, the math points directly to $132,500.
- Extended Wave C scenarios could push prices even higher, potentially testing $140,000 if macroeconomic conditions remain favorable.
Market sentiment is shifting rapidly from caution to optimism. With Bitcoin reclaiming $105,000, momentum indicators like the RSI and MACD are turning bullish on daily charts.
Key Levels to Watch
Traders should monitor these critical levels for confirmation of trend strength:
- Immediate Resistance: $107,500 – Breakout here opens path to $115,000
- Major Resistance Zone: $118,000–$122,000 – Previous congestion area
- Upside Target: $130,000+
- Support Floor: $101,500 – Must hold for bullish structure to remain intact
Failure to maintain support at $101,500 could indicate a deeper retest of the $98,000 zone, but current momentum suggests such a scenario is low probability unless triggered by external macro shocks.
Frequently Asked Questions (FAQ)
Q: How do we know the downtrend is truly over?
A: The completion of a clear ABC correction pattern combined with a decisive break above short-term resistance confirms a structural reversal. Additionally, volume and momentum indicators support this shift in trend.
Q: What if Bitcoin fails to reach $130K?
A: While $130K is the projected target based on technical models, markets are dynamic. Failure to reach it may suggest weakening momentum or external interference (e.g., regulatory news). However, continued strength above $105K keeps the bullish outlook valid.
Q: Is it too late to enter now?
A: Not necessarily. Many professional traders use pullbacks within uptrends to add positions. Waiting for a retest of $103K–$105K with strong support could offer a strategic entry point with favorable risk-reward ratios.
Q: What role does Ethereum play in this rally?
A: Ethereum often leads altseason momentum. Its stabilization near $2,400 and projected rise toward $3,400 increases confidence in overall market health and can fuel capital rotation into other digital assets.
Q: How reliable is wave theory in crypto markets?
A: Despite crypto’s volatility, Elliott Wave Theory has proven effective when applied with discipline. Historical examples—such as accurate calls at major tops and bottoms—demonstrate its value when combined with volume and on-chain data.
Strategic Outlook for Traders
Now is the time to reassess positioning. Whether you're a swing trader or long-term holder, consider the following:
- Long positions can be initiated on dips toward key support zones.
- Stop-loss placement below $98,000 helps manage downside risk.
- Take-profit zones should be staggered—partial exits at $120K and full realization near $130K+.
Leveraging tools like futures contracts allows experienced traders to amplify returns—but only with strict risk management.
Final Thoughts: The Bull Run Is Back on Track
After a healthy consolidation phase, Bitcoin has reasserted its dominance. The technical structure confirms the end of the correction, and momentum is building for another significant move upward.
With targets above $130,000 now in focus and Ethereum poised for a rally toward $3,400, the broader market outlook is increasingly optimistic. Now is not the time to step back—it’s time to prepare for the next leg up.
Stay informed, manage risk wisely, and trade with the trend.
👉 Access real-time market data and advanced trading tools to stay ahead of major price moves.
Core Keywords:
Bitcoin price analysis
Bitcoin bull run 2025
BTC target price
Ethereum price forecast
Bitcoin technical analysis
Cryptocurrency market trend
Bitcoin ABC correction
Bitcoin wave pattern