- Bitcoin may break $117,520, targeting $118,000+ per Elliott Wave analysis.
- New U.S. executive order allows crypto in 401(k) plans, boosting demand.
- Current BTC price at $117,758.70 teeters on a pivotal support-resistance zone.
Bitcoin (BTC) is generating significant attention on X, with analysts predicting a potential breakout above the $117,520 mark.
A post by @Morecryptoonl on X, featuring detailed TradingView charts, suggests that surpassing this threshold could spark a notable upward trend, potentially pushing BTC toward $118,000 or higher.
The analysis leverages Elliott Wave Theory, a technical approach that identifies recurring market patterns, with historical data from the Journal of Behavioral Finance (2012) supporting its 65% accuracy in predicting price movements. This comes at an intriguing time, as a new U.S. executive order, effective today, permits the inclusion of cryptocurrency in 401(k) plans, likely boosting institutional demand and fueling market optimism.
The charts shared by @Morecryptoonl highlight key support and resistance levels, with current BTC prices hovering around $117,758.70. The post indicates that a sustained break above $117,520 could trigger a wave of buying, aligning with the “circle wave 3” projection mentioned in follow-up comments. This wave, part of a five-wave bullish pattern, suggests a strong upward momentum if supported by volume. Conversely, a drop below $117,540 might signal a retreat to support at $117,020, adding a layer of caution to the bullish outlook.
This potential breakout coincides with broader market developments. The U.S. Department of Labor’s recent rescission of its 2022 crypto cautionary guidance, combined with the strategic Bitcoin reserve initiative under President Trump’s administration, underscores a shifting regulatory landscape. These factors could amplify BTC’s appeal, driving the price action speculated in the X thread. For investors, this moment represents a critical juncture, with technical indicators and policy shifts converging to create a volatile yet opportunity-rich environment.
As the crypto community watches closely, the next few hours could determine whether BTC’s upward trajectory holds.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
