Bitcoin Step‑Like Formation Update: Target Now ~$350K
Updated Elliott Wave count signals Bitcoin on track for a $350K target via a step‑like formation—what to watch next.
- Revised Elliott Wave count projects Bitcoin reaching $350K.
- Wave 5 underway; watch for break above all‑time high to confirm iii.
- Support preview: $75K for wave 4, next structure unfolding.
A fresh Elliott Wave (EW) analysis on the weekly chart suggests Bitcoin is in a classic step‑like formation. According to the new count:
- Blue Wave 3 peaked near $110K
- Blue Wave 4 bottomed around $75K
- Now, Blue Wave 5 is underway, with subwaves i and ii already complete.
This structure hints at a deep retracement after wave 3, followed by a strong surge in wave 5. That puts the next major upside in play.
What Triggers Wave 5‑iii?
The milestone to watch is a weekly close above Bitcoin’s all‑time high (~$70–$75K), which would confirm the start of wave 5‑iii—the most powerful leg of the cycle. Historically, wave iii is the strongest impulse in Elliott Wave theory, often leading to parabolic moves. In this case, the bullish target is approximately $350K.
Key conditions to validate this view:
- A break and weekly close above the ATH
- Continuation above $75K holding as support
- No breach below wave ii’s low—keeping the bullish structure intact
Why $350K?
Using Fibonacci extension and historical wave spacing, the projection puts wave 5 end near $350K. The step‑like build of i → ii → (now iii) mirrors the structure seen in wave 3, reinforcing the call for a massive upward trajectory once wave iii confirms.
What to Watch in the Short Term
- Price action above ATH: Weekly candlestick close signals shift to strong bullish momentum
- Retest of $75K as support for wave 4
- Volume strength during wave iii—typical for an accelerating impulse wave
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