Check out what's happening with CRCL... Circle's stock price was $85 at the beginning of the month and is now at $108. For those who follow the chart, it looks like it might be entering the third phase of an Elliott wave pattern, you know, that classic impulse pattern? If confirmed, people are betting it could go quite far, potentially up to $200 in the short term.

The technical story is interesting. In February, the stock dropped significantly, reaching $48.80. Then it shot up to $135 in March when the results showed strong growth — the circulating USDC was increasing rapidly. It then pulled back to $84 when some analysts started warning about margins. The Elliott wave pattern forming indicates it completed the first wave (uptrend), then a second (retracement to the 61.8% Fibonacci level), and now it's beginning the third wave, which historically is the longest and strongest.

If it breaks the $137 (resistance of the year), the next target would be $175, and then the psychological level of $200. There's also an inverse head and shoulders pattern forming, which usually confirms a strong bullish move.

On the fundamentals side, the circulating USDC has grown significantly — from $60 billion in January to $78.8 billion now. Circle mainly earns from interest on this cash invested in government bonds. With more USDC in circulation and higher yields, revenue increases.

But there's an important detail: Coinbase keeps almost all the revenue from the USDC on its platform. This is a real limiter for Circle's growth. That's why the company is betting on diversification — launching the Layer 1 Arc, the Circle Payment Network, and USYC, which has become the largest on-chain money market fund. These initiatives will take time to generate revenue, but they are the direction people want to see.

Summary: Elliott waves suggest potential upside, fundamentals improving with USDC growth, but revenue diversification is key to sustaining momentum long-term.