Analyst MikybullCrypto predicts Bitcoin could break out into wave (5) by October 22, aiming for $90,000 or higher.
Bitcoin's current price correction could soon end, with key support at $59,000 and resistance near $64,000.
Technical indicators like the RSI and MACD suggest Bitcoin may see short-term consolidation before a bullish trend resumes.
According to MikybullCrypto, an analyst on X, Bitcoin is poised for a major breakout before the end of the month. He suggests that the market is currently completing an extended correction in wave (4) but expects a breakout into wave (5) by the 22nd of this month.
Wave (5) Expansion and Fibonacci Targets
The ongoing correction is part of a larger Elliott Wave structure, with Bitcoin likely finishing wave (4) before moving into the upward wave (5). Previous price levels suggest that Bitcoin's next target could surpass $68,000, which was the high in wave (3). Notably, Fibonacci extension levels indicate a potential move toward $90,000, with further upward momentum possibly driving the price as high as $110,000.
Source: MikybullCrypto
The key Fibonacci levels, 1.618 and 2.272, serve as critical resistance zones that Bitcoin may encounter once the wave (5) expansion begins. However, the price action within the current correction remains confined within a channel, with Bitcoin trading near $60,583. A breakout from this structure could confirm the bullish trend.
Key Support and Resistance Levels
Bitcoin is currently consolidating around $60,000, with $59,000 serving as a strong support level. This support has held several times since July 2024, making it a crucial area for the market. On the upside, resistance is seen near $64,000, where Bitcoin has struggled to break through recently.
Volume analysis shows relatively stable activity, indicating that the correction is part of a normal consolidation process rather than a significant sell-off. A breakout above $64,000 could reignite bullish momentum, leading to further gains.
Indicators Suggest Short-Term Bearish Sentiment
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) signal a bearish outlook in the short term.Â
Source: TradingView
The RSI sits at 44.66, suggesting that Bitcoin is in a neutral zone with room for further downward movement before it becomes oversold. Meanwhile, the MACD shows a bearish crossover, indicating potential continued consolidation before the market turns upward.
