$BTC $BTCUSD #ElliottWave
If we zoom out, we can observe significant risks suggesting that Bitcoin might be forming an important top at this stage.
We can identify a five-wave structure originating from the major low in October 2022. The critical question now is whether the recent rally from the August 2023 low represents:
- An extended Wave 5, characteristic of cryptocurrencies, where Wave 5 often forms oversized, parabolic moves that exceed the length of Wave 3.
- A subwave C within Wave 3, which would alter the broader wave count.
⚠️ If this indeed marks the top of Wave 5, the minimum expectation would be a significant A-B-C corrective consolidation. Key support to watch is at $79,800.”

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