- Bitcoin shows a weak upside reaction, hinting at a B-wave in Elliott Wave analysis.
- A drop below $114,470 could signal a bearish shift, targeting $105,000.
- Consolidation between $116K and $124K marks a critical decision point for traders.
Bitcoin (BTC) is at a pivotal moment, according to a detailed chart analysis shared by @Morecryptoonl on X.
The cryptocurrency, recently peaking at $124,000 on August 15, is showing a weak upside reaction, suggesting it may be forming a B-wave in an Elliott Wave pattern.
This corrective phase, a concept validated by a 2021 Journal of Behavioral Finance study for its predictive potential in volatile markets, indicates BTC could either consolidate or break out in the coming sessions. The analysis highlights a critical support level at $114,470, where a drop below could trigger a bearish shift, aligning with recent market dynamics post its all-time high.
The current consolidation range of $116,000 to $124,000 mirrors technical insights from Investtech’s August 7, 2025, report, which pegged support at $113,500 and resistance at $120,700. This range reflects heightened volatility, as noted by CryptoVizArt, where a liquidity hunt and subsequent reversal suggest a potential bull trap. Traders are advised to watch for stronger upside momentum to confirm a healthier B-wave or a direct breakout.
Conversely, a breach below $114,470 could signal a deeper correction, possibly targeting $105,000, as predicted by TradingView’s Elliott Wave analysis from August 13, 2025. For Web3 enthusiasts, this juncture underscores the importance of on-chain data and technical indicators in navigating Bitcoin’s price action. The weak reaction could be influenced by macro factors, including regulatory news or institutional moves, a trend often tracked on platforms like Bitbo.io’s Bitcoin Volatility Index.
As the market teeters, community discussions on X, including queries about altcoins like Definitive Edge, highlight the broader speculative fervor. However, for BTC, the next few sessions will be decisive—will it surge toward new highs or face a significant pullback? Stay tuned as the crypto landscape evolves.
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.
