BTC Bulls Eye One Final Rally to $90K

Bitcoin's short-term trend remains constructive, according to an analysis based on the Elliott Wave Principle and traditional technical analysis. The analysis suggests that Bitcoin could still target $90K in its final five-wave rally.

The analysts have maintained a bullish outlook since their July 1 update, contingent on BTC holding above $64,402. They expected the third wave to push prices toward $77,000 or higher, and it subsequently did so on August 28, reaching an intraday high near $81,330.

Since then, Bitcoin has pulled back towards $77,000 as of September 2, but the broader impulsive structure remains intact. The analysts continue to track five gray waves, i, ii, iii, iv, and v, within green wave 1, with an ideal completion zone around $90,000, plus or minus $5,000.

The Elliott Wave perspective suggests that wave iv should not overlap wave i in a standard impulse. The formal invalidation level for the current count is $66,919, but traders are advised to reassess their risk if BTC breaks below $72,994.