Interpretation of Wave Theory:

From the BTC daily chart on May 20, 2025, the upward wave starting from 74508 has formed a complete impulsive structure, where the third wave extends significantly and ends around 106800. The fourth wave completes a 0.382 retracement of the third wave near the previous high, presenting a typical corrective pattern with a slope. The current price has rebounded since May 19, and if it breaks above 107108, it can confirm that the fifth wave since 74508 has begun, with a theoretical target pointing to the Fibonacci 1.618 extension level, which is around 125000. However, if the rebound fails and falls below 99076, it will be necessary to reassess whether the previous upward wave 3 has ended. The current stage may still be within the B wave rebound structure of the fourth wave, increasing the risk of a subsequent C wave retracement. Overall, 107108 is the key short-term resistance, and 99076 is the limit for retracement. The validation of the price movement structure will serve as a basis for determining whether wave 5 will unfold in the future. $BTC