Bitcoin Just Broke Out. Here’s What Happens Next

Summary

Bitcoin has broken out of a falling wedge and reached the first upside target in the current Elliott-wave analysis. Short-term momentum remains positive, and the presenter sees no clear sign that the rebound has peaked. However, price is at a decision area where resistance or a renewed correction could emerge.

Price Levels and Scenarios

• First wedge target: Around $87,200, the October high and upper boundary of the wedge. The presenter says Bitcoin could test this level even if resistance appears on smaller time frames.
• Potential higher target: Around $92,000 if bullish momentum strengthens.
• Near-term resistance: $85,191 and $85,678.
• Near-term support: $83,968–$84,388, described as weak micro-support. A break below this area would signal weakness but would not, by itself, confirm a top.
• Additional support: $83,210, the latest swing low. A drop below it could mean Bitcoin is returning to the prior range; a yellow trendline may also provide support.
• Lower supports if a correction develops: Approximately $79,600 (the October 15 swing low), the 50-week SMA near $76,500, and a stronger support area around $75,000.

The presenter’s main count allows for a corrective wave B bounce followed by a possible wave C decline. The correction could occur after a further rise or begin sooner. The alternate, more bullish scenario gains credibility if Bitcoin reaches a 138% expansion target, which the presenter uses to assess whether a five-wave impulsive advance is developing.

Analytical Framework

• Compare the current falling-wedge breakout with a similar prior structure.
• Use Elliott-wave counts to distinguish a corrective ABC bounce from a potentially impulsive five-wave advance.
• Measure projected targets using wave extensions: the 100% expansion target has been reached; 138% is the cited threshold for the orange wave-three scenario.
• Monitor lower-timeframe support and resistance for signs that the rebound is continuing or losing strength.

View and Risk Cautions

The presenter says they would consider buying around $75,000 if the decline into that area unfolds as a three-wave pullback. They would not automatically treat it as a buy zone if the market instead falls sharply in an impulsive collapse. This is the presenter’s own plan, not a general recommendation.

Assets, Instruments, and Disclosures

• Bitcoin (BTC) is the focus; Ethereum (ETH) and other cryptocurrencies are mentioned in the Kalshi sponsorship segment.
• Kalshi is described as offering perpetual cryptocurrency futures on its U.S. exchange, which the presenter says is regulated by the CFTC. The contracts have no expiration date, allow positions in either direction, and offer multipliers of up to 6×, increasing both potential gains and losses. The offer is for approved U.S. customers and is unavailable in the UK and EU.
• The segment is explicitly identified as sponsored by Kalshi. The supplied channel description also states that the content is informational and educational, not financial advice, and that viewers are responsible for their own investment decisions.

Presenter/source: The presenter is not named in the subtitles. Source: More Crypto Online; the presenter also points viewers to X and MCO Global for additional analysis.