Bitcoin has had a quiet day, with little movement. However, some altcoins are starting to show signs of activity. In today’s video, we will discuss the current state of Bitcoin and its potential for consolidation. We will also explore the daily timeframe and analyze the market cap. Additionally, we will provide insights into the shorter timeframe analysis and discuss the support and resistance levels.
The Daily Timeframe
Bitcoin recently broke out above a previous swing high and the May 22 high, indicating a positive sign for the cryptocurrency. It is possible that Bitcoin may come down to retest these levels, which would confirm a base-building process. This consolidation is essential for Bitcoin’s stability and growth. By building a strong base, Bitcoin can avoid crashing down or rising too quickly.
Total Market Cap Breakout
The total market cap is currently at a breakout point, suggesting that more money is flowing into the cryptocurrency market. If the breakout point is surpassed, it could indicate a shift in sentiment towards a more bullish market. This is an encouraging sign for Bitcoin and the overall cryptocurrency market.
The Daily Timeframe Analysis
Looking at the daily timeframe, we can observe the movement of Bitcoin since the November 22 bear market low. The price has moved higher in a five-wave pattern, with a potential third wave in progress. Fibonacci levels can provide insights into the expected length of the third wave. While the exact target may vary depending on subdivisions, a landing around 76k is possible. This would be followed by a fourth and fifth wave, potentially pushing the price to around 125k or higher.
Shorter Timeframe Analysis
On the 1-hour chart, Bitcoin is currently consolidating sideways. This consolidation is part of the ongoing third wave. It is preferable to see one more extension higher before a potential correction. The key support level to watch is 32,073. If the price falls below this level, it could indicate a larger degree fourth wave. However, as long as Bitcoin remains above the breakout point and holds a high level, the overall bullish scenario is likely to continue.
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Conclusion
In conclusion, Bitcoin has experienced a quiet day, but some altcoins are showing signs of movement. The daily timeframe indicates a potential consolidation and base-building process for Bitcoin. The total market cap breakout suggests a shift in sentiment towards a more bullish market. On the shorter timeframe, Bitcoin is consolidating sideways, with a preference for one more extension higher. The key support level to watch is 32,073. Overall, the bullish scenario is likely to continue as long as Bitcoin remains above the breakout point.
Frequently Asked Questions
Q: What is the significance of Bitcoin consolidating?
A: Consolidation is essential for Bitcoin’s stability and growth. It allows the cryptocurrency to build a strong base and avoid crashing down or rising too quickly.
Q: What does the total market cap breakout indicate?
A: The total market cap breakout suggests that more money is flowing into the cryptocurrency market. It indicates a shift in sentiment towards a more bullish market.
Q: What are the potential targets for Bitcoin’s third wave?
A: The potential targets for Bitcoin’s third wave are around 76k, depending on the subdivisions. This could be followed by a fourth and fifth wave, potentially pushing the price to around 125k or higher.
Q: What support level should we watch on the shorter timeframe?
A: The key support level to watch on the shorter timeframe is 32,073. If the price falls below this level, it could indicate a larger degree fourth wave.
What is better for calculating targets , Linear or logarithmic chart?
bravo
Perfect update, thanks a lot Ben!! 👌
Should I sell or buy or wait?
Thank you, Ben!
Verasity? Whenever u get the chance appreciate the content 👍
On my chart from webull. Where you have the Wave 3 on the second high wick webull chart has the first wick higher than the second wick so I'm actually charting a b wave triangle that's going to break to the downside to 32490 I guess we'll see which way it's going to break
This played out well
Thanks Ben
❤
Much appreciated Ben 👊🏼
Do you believe that 4 year cycle will be broken in this cycle? If we get btc top way sooner than end of 2025?
Thank you
Hi Ben, thanks for the video.
Do you have any special scaling applied to the fib extension.
In my Trading View desktop app, when I do the extension at 3:41, the 1 value shows 40406 and the 2 to 65444 while yours go to 49786 and 99421 which is significantly higher.
My start of wave 1, extension of wave 1 and end of wave 2 are the same as yours.
![Rewrite the video title ‘How To START Day Trading As A Beginner in 2025 [Full 30 Day Tutorial]](https://i.ytimg.com/vi/CaI5SvAB5_g/maxresdefault.jpg "Rewrite the video title ‘How To START Day Trading As A Beginner in 2025 [Full 30 Day Tutorial]")
❤
What is better for calculating targets , Linear or logarithmic chart?
bravo
Perfect update, thanks a lot Ben!! 👌
Should I sell or buy or wait?
Thank you, Ben!
Verasity? Whenever u get the chance appreciate the content 👍
On my chart from webull. Where you have the Wave 3 on the second high wick webull chart has the first wick higher than the second wick so I'm actually charting a b wave triangle that's going to break to the downside to 32490 I guess we'll see which way it's going to break
This played out well
Thanks Ben
❤
Much appreciated Ben 👊🏼
Do you believe that 4 year cycle will be broken in this cycle? If we get btc top way sooner than end of 2025?
Thank you
Hi Ben, thanks for the video.
Do you have any special scaling applied to the fib extension.
In my Trading View desktop app, when I do the extension at 3:41, the 1 value shows 40406 and the 2 to 65444 while yours go to 49786 and 99421 which is significantly higher.
My start of wave 1, extension of wave 1 and end of wave 2 are the same as yours.
How come?
Is driving me insane 😅.
Appreciate your comments on this.
Thanks.