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After a week of volatile price action, Bitcoin has once again returned to 
familiar territory around the $106,000 price level. However, on-chain data 
shows that investors are still cautious, with the crypto Fear &amp; Greed Index 
now in the neutral zone. On the other hand, technical analysis of Bitcoin&#8217;s 
price action on the 4-hour candlestick timeframe chart shows that its price 
behavior has completed a significant correction, one that&#8217;s paving the way for 
a major rally to $130,000. Bitcoin’s Wave 2 Correction Might Be Complete 
According to XForceGlobal, a crypto analyst who posted a detailed Elliott Wave 
chart on the social platform X, Bitcoin’s recent correction fits neatly within 
a completed WXY pattern. The second wave, which started following the all-time 
high of $111,814 on May 22 and formed the corrective structure, has now 
retraced into the expected Fibonacci range between the 23.6% and 38.2% levels. 
Notably, the ideal minimum target for this correction move was in the $90,000 
region, and Bitcoin fulfilled that condition with the pullback to just under 
$98,200 over the weekend. Related Reading: Bitcoin Elliott Wave Count Predicts 
Further Crash To $94,000, But What Next? The most important thing was in 
preserving the macro wave structure. Instead of drawing out a deeper pullback 
into the 0.618 to 0.886 Fibonacci levels, which is often characteristic of 
bear market retracements, the analysis maintains the idea that this was a wave 
2 correction within a larger bullish impulse. This distinction is important. 
If the WXY correction is indeed complete and wave 2 has concluded, the next 
logical move in the Elliott Wave sequence is a third wave advance. According 
to Elliott Wave analysis, the third wave is often the most explosive in terms 
of price expansion. Its outcome could therefore push the price of Bitcoin to 
new heights that are significantly higher than its most recent all-time high. 
Why $130,000 Is A Realistic Target For Bitcoin The analyst&#8217;s technical 
projection on Bitcoin&#8217;s 4-hour candlestick timeframe chart shows an expected 
wave 3 trajectory extending beyond $111,800, with an expansion arrow reaching 
up above $130,000. This is the expansion move and is based on a similar 
projection of Wave 1. Related Reading: Bitcoin Bearish Move Is Over? Higher 
Lows Chart A Course To $115,482 In the accompanying chart, the analyst marks 
the key pivot zone between $98,000 and $102,000 as the Wave C termination 
area. If this zone indeed marks the completion of the second wave, the next 
movement would require validation through the formation of a clear 1-2 
structure within Wave 3. This means that confirmation of the bullish count 
also depends on the price making a new local high above the current range and 
then pulling back without breaching the recent lows. If that structure plays 
out, then the market would likely be in the early stages of a powerful third 
wave. Bitcoin has already made an 8% price gain after it dropped to a low of 
$98,200 following U.S. airstrikes on Iranian nuclear sites. The most 
significant upward move came on Tuesday, June 24, when reports of a Middle 
East cease-fire pushed Bitcoin up roughly 4%. At the time of writing, Bitcoin 
is trading at $106,330. Featured image from Pixabay, chart from 
Tradingview.com

Bitcoin To Surge To $130,000 Next? What The Wave Count Says

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