Analyst Thoughts: Bitcoin Medium-Term
VIEW RETAINED FOR A MATURING BULL TREND TO REACH 40 000 WITH A FURTHER POTENTIAL EXTENSION TO 41 300.
The long-held bullish view of S3 is materialising.
The indicated target area is around RA1** where phase A=C is a common extension level.
A definite break below S0* through this level will activate further upside potential.
The final phase 5 gains could be hesitant and slow as the immediate bull trend loses momentum.
A meaningful W,X,Y-type bearish correction off RA1* to S2/S3 remains the preferred outcome.
RA1** is crucial for the view. A breach will negate the ABC correction with a bull trend to R3*.
Target and Re-assessment Levels:
Pivotal Levels: RA1* and S0*
Primary Trend and Target Levels: Gains to RA1. followed by downside to S3
Prevailing Trend and Target Levels: Gains to RA1
Technical Rating: Medium