Date: Sat, June 28, 2025 | 07:20 AM GMT
In the cryptocurrency market today, the price of Bitcoin (BTC) remains in consolidation after reaching its all-time high of $111,980 on May 22. Since then, BTC has entered a phase of choppy, sideways action, trading between the $100,000 and $110,000 range. Currently, the leading cryptocurrency is hovering around the $107,000 mark.
While this may seem like a period of uncertainty, a deeper look at the charts suggests that BTC might be nearing the end of its correction phase.
Elliott Wave Principle Correction
According to recent analysis by the popular crypto analyst CrediBULL Crypto, Bitcoin is potentially forming a complex Elliott Wave correction pattern labeled as W-X-Y. Within this structure, the current leg is expected to evolve into a contracting triangle—typical of Wave Y corrections—which often marks the final leg before the resumption of the main trend.
In the chart, this triangle is unfolding in five internal subwaves (A-B-C-D-E), each bouncing between converging support and resistance levels. The projected path suggests that Bitcoin could dip slightly toward the $100,000–$102,000 zone (highlighted as the “blue shaded” area), before completing Wave E of the triangle.
What’s Next for BTC?
Once the E wave of the triangle completes, this correction would likely conclude, potentially opening the door to a new bullish impulse. If BTC manages to hold the daily blue shaded and confirm the breakout of the triangle, a fresh rally toward new all-time highs could be next towards the $120K+ level.
This theory is further supported by a historical Elliott Wave diagram shown on the chart, where similar flat, zigzag, and triangle corrections have previously led to strong upward moves. The current pattern strongly resembles those seen in textbook scenarios.
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