Bitcoin Bulls Target $93K as Five-Wave Rally Takes Shape
A potential five-wave impulsive advance in Bitcoin's price has been tracked by analysts using the Elliott Wave Principle. The daily chart shows a high-probability completion of a smaller-degree fourth wave off the July low, with price action shifting into a fifth-wave advance.
The recent consolidation is expected to resolve as a classic bull flag, and the measured-move projection from the flagpole points toward approximately $93,000 as an ideal target. This target zone combines with the fifth-wave Fibonacci and resistance confluence, making the $85K, $95K region the primary upside objective.
If the potential five-wave sequence from the July 1 low completes as projected, it would confirm that an important cycle low was struck on July 1. This would mean the bear market that began after the prior cycle peak has ended prematurely and the long-followed four-year cycle is officially over.