Bitcoin Outlook – Breakout from the Downtrend Channel
Hello traders,
BTC has broken out of its descending channel with a strong impulsive candle, in line with the corrective rally scenario. At present, price is reacting around 117k, confirming a clear structural shift. For the medium term, the dominant trend should now be viewed as bullish. Pullbacks towards 114.5k – 113k may provide attractive opportunities to add long positions.
From an Elliott Wave perspective, BTC appears to be in the final ABC sequence. The current leg is wave B, and traders should look to position long as wave C develops.
Upside targets: 120k – 121k, where a mild correction is likely as liquidity is cleared.
This is my personal perspective on Bitcoin. Stay disciplined, monitor price closely, and manage risk carefully.
What’s your outlook on BTC at this stage? Share your thoughts in the comments so we can refine our trading together.
