Bitcoin (BTCUSDT) Potential Move from $43,600 to $120,000

Description:

Based on the current weekly chart analysis for Bitcoin / Tether Standard Futures (BTCUSDT), there is a significant potential for Bitcoin to move from $43,600 to $120,000. Below are the key points observed:

Current Price: Bitcoin is currently trading at approximately $54,806.45, down by 5.75%.

Elliott Wave Analysis:

The chart indicates a potential ABC correction pattern.
Wave A has completed, and Bitcoin is currently in Wave B, which suggests an upcoming bullish Wave C.
Support and Resistance Levels:

The primary support level is at $39,987.31.
The significant resistance level and target is the area around $120,000.
Fibonacci Retracement Levels:

38.2% Retracement: $31,145.00
50.0% Retracement: $23,356.00
61.8% Retracement: $15,568.00
Indicators:

RSI shows potential bullish divergence indicating a possible upward move.
Volume profile indicates strong accumulation in the lower price ranges.
Extrem Buy Alert: The chart highlights an "EXTREM BUY ALERT," suggesting that the current levels could be a significant buying opportunity before the expected upward move.

Chart Details:

Timeframe: Weekly (1W)
Ticker: BTCUSDT.PS
Exchange: Binance
Disclaimer: This analysis is based on historical data and technical indicators. It is not financial advice. Please conduct your own research before making any trading decisions.