Bitcoin declined as anticipated over the past couple of weeks and now appears to have completed the projected five-wave impulsive move on the 4-hour chart. This outlook is reinforced by the strong rebound back above the Elliott Wave channel resistance, suggesting that the bearish sequence has likely ended. The focus now shifts to a corrective recovery, with price expected to unfold in at least a three-wave A/1–B/2–C/3 structure. The initial upside target is around the $67,000 resistance area, where wave C or wave 3 could reach completion.
In the near term, traders should remain aware of the possibility of a temporary corrective pullback in wave B/2 before Bitcoin resumes its next leg higher toward the projected target.
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