Bitcoin at $91.31K currently: Where will the next Gann wave head?

As Bitcoin is trading around $91.31K, the classic question “Will BTC reach 75,000? Could it go up to 98,009?” is back in traders’ minds. To answer these questions, we need to delve into the development mechanism of the double zigzag correction wave—a key concept in Gann wave theory.

When is the correction wave complete?

Suppose after a double zigzag correction ends, the starting point of the wave is not broken but the price has surpassed the end point, opening up many possibilities for further development. To determine this precisely, we need to check some prerequisites:

The green point (the starting point) must be a recovery at a higher level. The green line represents the complete double zigzag correction wave. The black line (the double zigzag correction wave) must not break the starting point of the green line. After the green point, the price continues to recover, creating a higher high than the peak of the green wave—this must be a push wave (push wave 5).

Most importantly: the green line must be a wave 5 push. Otherwise, the entire subsequent development will change significantly.

From the line chart to search for signals

When wave patterns become complicated and confusing, switching to a line chart (line chart) helps clarify. From there, we confirm that the green line is indeed a wave 5 push, but then a new high appears, raising the question: After the green wave, will there be another wave 5 push or an ending wedge, making the green point a double zigzag correction wave?

The yellow box on the chart has the potential to form an extremely rare ending wedge, or the end part is a wave 5 push or an ending wedge. When switching to the 5-minute candlestick chart and adjusting the Elliott Channel, we find that the yellow box indeed has the potential to form a contraction exhaustion ending wedge.

The next two wave scenarios

Once this wave count is confirmed, the next red line must create a new low below the green point. Then, the next wave pattern will fall into two types:

Scenario 1: Complex double correction wave (WXY)
The green point starts as a complex correction wave in a compound form, a triple three wave pattern (WXY). In which, the green line is wave W, the black line is wave X, the green point start is wave Y that has ended. The next red line is not a wave 5 push.

Scenario 2: Spreading platform correction wave
The green point then is a spreading platform correction wave, with B forming a new high. This requires the red line to be a wave 5 push. If the red line is not a wave 5 push, this scenario will be eliminated.

Gann waves and market cycles

Applying Gann wave theory to the current analysis with BTC at $91.31K, we can forecast that the subsequent movements will follow certain cycles. Gann waves help identify key turning points and provide a reference framework for reaching 75,000 or surpassing 98,009.

Disclaimer: This article only discusses wave theory and Gann theory from an academic perspective. It is not investment advice, and the author is not responsible for any trading actions you take.

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