Bitcoin Eyes $77,000 as Bulls Target Fibonacci-Based Peak

The Elliott Wave Principle (EWP) and Technical Analysis (TA) suggest that Bitcoin (BTC) is on track for higher prices. A recent update showed that BTC held its key support level of $62,474, with a low close at $62,727 on August 1. Since then, the cryptocurrency has been staging a 3rd-of-a-3rd wave rally.

According to the EWP count, there is a potential for five waves higher within the green W-3, ideally around $77,000. However, this requires BTC to stay above its current 3rd warning level of at least $65,418. A 4th and 1st wave overlap would indicate that the uptrend has ended.

Despite the ongoing bullish price action, some analysts still view the 4-year cycle as invalidated. However, if a five-wave advance materializes from the July 1 low, it could confirm an important low and set the stage for a Fibonacci-based target zone of $164,000 to $337,000.