Bitcoin Seeks Final Rally to $90,000 as Key Support Holds

Bitcoin's price has maintained its bullish Elliott Wave structure since July 1. In our previous analysis, we tracked a potential five-wave advance and identified $64,402 as the third warning level for bulls. BTC subsequently held above this key support and advanced to $81,370 on August 28. This move supports the view that price is developing five gray waves within the larger green wave 1.

The preferred scenario calls for a final fifth-wave push toward $90,000, with a broader target range of $85,200 to $95,400, provided Bitcoin remains above $72,994. This key support at $72,994 defines the bullish outlook and is crucial for maintaining the current count.

In an impulsive Elliott Wave sequence, wave 4 should not overlap wave 1. That makes $66,919 the structural invalidation level for the current count. However, a decline below $72,994 would already imply an elevated probability that the advance has ended and would shift the near-term risk-reward balance away from bulls.

Price action over the past 12 days has been largely sideways, consistent with consolidation after a strong advance rather than a blow-off top. Bitcoin has also entered the ideal wave 4 target zone, supporting the prospect of one more rally toward resistance.