Bitcoin Targets $95K Zone in Next Wave Rally

The technical analysis of Bitcoin's price movement suggests that it may be entering its fifth-wave rally. According to an Elliott Wave Principle, the price has completed a smaller-degree fourth wave and is now shifting into a fifth-wave advance. The ideal target zone for this wave sits between $85,200 and $94,500.

The recent consolidation in Bitcoin's price action should resolve as a classic bull flag, with the measured-move projection pointing towards approximately $93,000 as an ideal target. This is combined with the fifth-wave Fibonacci and resistance confluence, making the $85K, $95K region the primary upside objective.

A decisive break of certain levels would increase the odds that the current advance is part of a larger correction rather than the start of a new cycle. The immediate path of least resistance for Bitcoin is higher provided the $79,384, $80,500 zone now acts as support.