Since the reach of a local DNA in the amount of USD 74,000 in mid -April, Bitcoin has recorded a market reflection, creating a price escalate that lasted in the last three weeks. In particular, the Prime Minister Cryptocurrency exceeded the $ 100,000 trademark last week to trade up to USD 104,300. After this impressive feat, the market analysis of the 10th NewThaughtcrypto platform divided the technical insight into the next Bitcoin movement.

Bitcoin forecast perspectives show a fee for fresh ATH, but is waiting for market correction

IN X Post On May 9, Analysts from Newthoughtcrypto provided the macro and micro Bitcoin market forecast using the Wave Elliott theory. As for the wide perspective of the market using a daily table, these experts explain that the erection of Bitcoin to USD 104,300 at the top of the fifth wave in the impulse phase, indicating that the market is caused by correction. In the context, the theory of Wave Elliott states that prices move in two main repetitive patterns, i.e. the impulse phase, which represents the market trend and is divided into five waves (IV) and the corrective phase, which consists of Wave waves.

After completing the V Impulse Trend, NewThaughtcrypto analysts explain that Bitcoin is to experience market correction, which is usually about 0.5 and 0.618 Fibonacci Rematment. Using the price level of USD 104,300 as the market peak, the expected correction can bring prices to USD 86,000 – USD 89,000, which is the price range of waves C in repair trends.

In particular, Bitcoin can resume its stubborn trend before the correction is completed, because the prices would be reflected with the wave of repair phase. However, experts from NewThaughtcrypto expect a complete correction before the most critical cryptocurrency re -fee for the fresh highest level of all time, which will probably take place in the summer.

Micro Outlook Tips to the target 106,000 USD before correction

In the Bitcoin micro view, using a 4-hour table, analysts from Newthoughtcrypto State Bitcoin seem to complete the waves I, II and III, and Fala III exceeds market expectations.

The flagship crypto is now waiting for Wave IV, which is always a corrective wave. With the top of the Wale III is 104,300 USD, the expected market correction would reduce the price to 100,000 to USD 101,000. Then the stubborn V wave is to start driving prices up to USD 106,000 before starting the recovery trend.

During the Bitcoin press, it still trades at USD 102,810 after an escalate of 0.06% on the last day. Meanwhile, the daily volume of trading fell by 6.68% and valued at USD 62.23 billion.