The price of Bitcoin has shown no significant movement in the past day following a price rebound at the start of January 2025. Currently trading near $98,000, speculation is mounting about whether Bitcoin has exited its correction phase, with high expectations of an impending bull market.
Strong Bitcoin Support Zone Emerges Between $95,090-$96,531
In an X post on January 4, digital asset analysis platform More Crypto Online shared an insight on the present state of the Bitcoin market.
With the application of the Elliott Wave Theory, these analysts deduced that Bitcoin’s price may have developed a potential 5-wave pattern which can be indicative of a bullish movement. For context, the Elliott Wave Theory works on the basis that financial markets move in predictable patterns due to investor psychology and natural market rhythms.
The 5-wave pattern also known as the impulsive wave pattern generally moves in the direction of the larger trend. With Bitcoin still in a b
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