Interpreting the Bitcoin daily chart on June 24, 2025, from the perspective of wave theory, we can observe an interesting phenomenon. The upward trend that began from the Z-wave low point of approximately 76K is gradually evolving into a brand new impulse wave structure.

It is worth noting that the key resistance level of 104488 has been successfully broken. Combined with recent market performance, this breakthrough seems to confirm that the current pump is not just a simple correctional wave rebound, but very likely the beginning of a new wave of momentum in the main trend. Specifically, we may be in the sub-wave (1) or (iii) phase of a higher wave level.

At present, the market is experiencing (W)-(X)-(Y). Among them, the retracement of the blue (Y) wave did not fall below the key support level of 102613, providing a solid foundation for the bulls to continue to expand the upside. From the point of view of wave level expansion, if the red dotted resistance 106831 can be broken by the band, then we can confirm that the rally from the 104488 is the expansion of the new sub-wave 3. In this case, the follow-up target may point to the structural high of 111980 or even the end of the main rising wave of the 132809.

However, market trends are always full of uncertainty. If we fail to effectively break through 106831, or fall below the support level of 102613, we need to be cautious that the current situation may be a B-wave rebound structure within a higher wave level. In this case, after the blue (Y) wave, a (C) wave may follow, potentially targeting a retest of the previous key range of 99760 or even 97666.

Therefore, the current market is at the boundary verification zone of the "push or adjustment" wave pattern. Investors need to closely monitor the matching of trading volume and the performance of key levels to confirm the direction of the main trend. At this critical moment, maintaining vigilance and flexible strategy adjustments is particularly important.