BTC Just Finished 5 Waves Up. Is a Dip to $76K Next Before $90K?

by

<a href="https://investment-policy.com/btc-usd/">BTC</a> Just Finished 5 Waves Up. Is a Dip to $76K Next Before $90K?

According to Elliott Wave analysis from MoreCryptoOnline, Bitcoin has likely finished a five-wave upward move starting from $75,300. They predict a possible dip back to around $76,020 before a significant price increase to between $85,000 and $90,000.

Bitcoin’s price chart is currently signaling a clear opportunity. Traders will either capitalize on it quickly, or later explain why they didn’t.

MoreCryptoOnline, in a post on X, pointed out that Bitcoin completed a five-wave price pattern on a 15-minute chart, starting from a low of around $75,300 last week. They believe this pattern is the first wave of a larger move, and while a peak hasn’t been definitively confirmed, it appears to be near.

Bitcoin has been steadily rising over the past week, completing what appears to be the first part of a five-wave upward pattern. While it’s not certain if this first wave has peaked, if the next wave begins now, it should stay above $76,020. A slight dip in this next wave could signal a strong buying opportunity and potentially drive the price higher.

— More Crypto Online (@Morecryptoonl)

Source: Morecryptoonl 

The Number That Has Bulls Watching Closely

Just a few days prior, my analysis differed. On May 3rd, I posted on Twitter, under the handle MoreCryptoOnline, that Bitcoin might have completed its fifth wave, suggesting a potential upward move. However, I also cautioned that this could be a deceptive ‘B-wave’ rally – these weekend price swings often *appear* strong initially, but can quickly reverse.

Bitcoin was hovering in the upper $78,000 to low $80,000 range when the updated chart dropped.

The latest analysis removed the possibility of a B-wave, confirming instead a clear five-wave pattern with internal waves numbered 1 through 5. Traders have been closely watching the Elliott Wave count for Bitcoin since the price started to recover from recent lows.

According to a recent post, if a new upward price movement begins now, the price needs to stay above $76,020. This level represents a key technical area – the 78.6% Fibonacci retracement of the previous upward move. If the price falls below this point, the predicted pattern will likely be incorrect.

Four Levels. One Line That Matters.

The analyst identified four potential support levels where a price correction might find buying pressure. These levels are $78,093 (38.2%), $77,482 (the midpoint), $76,876 (61.8%), and a final, deeper support level at $76,020.

That last one is not just another support zone. It is the floor of the whole thesis.

Bitcoin is currently testing support around $76,200. If the price stays above three key levels, the optimistic outlook for Bitcoin will likely remain intact. Traders are closely watching this price point to see if buyers will step in and prevent further declines.

According to MoreCryptoOnline, a temporary dip back to that price level would actually be a positive sign for buyers, not a setback. These kinds of dips, known as wave (2) corrections, often happen to stabilize the market before a significant price increase, or wave (3), takes place.

Where Wave (3) Could Take This

If the current trend continues, we expect the price to reach between $85,000 and $90,000. This target is based on the typical progression of a wave pattern, specifically considering the size of the initial wave.

The analyst said the plan remains unchanged. No reassessment. No hedging the range further.

MoreCryptoOnline noted on X that the current analysis needs more information to finalize specific price levels. They emphasized that this is typical for ongoing market predictions, which often involve considering multiple scenarios – in this case, two possibilities – with a key indicator determining the most likely outcome.

$76,020. That is the line.

Read More

2026-05-04 19:09