Bitcoin Smashes $104K: Are You Rich Yet, or Is It Correction Time?

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Okay, so Bitcoin got out of bed, dusted itself off, and went for a casual jog upwards—because why not rally to $104,300 in a week when the rest of us are just trying to remember where we put our keys? 🤷‍♀️ After the crypto did its impression of a rollercoaster that only ever goes up, our friends at NewThoughtCrypto swaggered in with some charts and something called The Elliott Wave Theory. If that sounds like a prog rock album, you’re not wrong.

Here Comes the Correction (a.k.a. “Don’t Spend It All Yet, Darling”)

So, the analysts (they exist, their mothers are proud) say we’re now at “wave five”—which apparently means Bitcoin’s party is about to get crashed by something called a correction. Not a big one, just enough to make you think twice about that Lambo.

For those who don’t keep a cheat sheet of financial jargon under their pillow: the Elliott Wave Theory is a sort of celestial prophecy for finance bros. Basically, after five waves going up (impulse, very impressive), there’s a three-wave “correction” (which, let’s be honest, sounds like a hangover with extra steps).

So according to these trend-spotters, Bitcoin might tumble down to the really specific and, dare I say, saucy price range of $86,000 to $89,000. You know, just to keep everyone humble.

But never fear! There might be a little price bounce, aka “wave B”—a tiny, optimistic blip on the chart before reality comes back for one last smooch. Summer is apparently the time for a new all-time high. Sun’s out, buns out, Bitcoin in, sanity out. 🌞

Zooming In: Could We Get $106K Before the Market Flirtation Ends?

Now, if you want to squint at the charts (4-hour candles, anyone?), the pixel-staring brigade reckons we’ve had waves I, II, and—stop the presses—III was a total diva, overshot everything. Hang out for a bit and brace yourself for wave IV’s correction, which might drag us back to $100,000 or $101,000. If you’ve ever wanted to see Hesitation in chart form, this is it.

Oh, but then comes wave V, which is supposed to blast us to a super casual $106,000 before the correction party starts in earnest—cue dramatic music, clutch pearls, refresh portfolio.

Meanwhile, as I scribble all this out, Bitcoin is sitting at $102,810, pretending its 0.06% gain in the last day is a big deal. Daily volume is down, but no one’s looking at that bit, right? $62.23 billion—sure, just your average Thursday.

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2025-05-10 19:50