As our members know, we’ve been long in Bitcoin. The crypto has made a solid rally toward new all-time highs, gaining more than 20% since our entry on the June 22nd. In this technical article, we are going to present short term Elliott Wave forecast of BTCUSD. We were calling for a short-term weakness within the pullback against the 111,984 low.
BTC/USD Elliott Wave one-hour weekend chart 08.17.2025
Current view suggests Bitcoin is doing a correction against the 111,984 low. We can count clear 5 waves in the drop from the peak which indicates we have got most likely on the first leg of pull back thaat is unfolding as a Zig Zag 5-3-5 structure. So,we expect another leg down to retest the 111,984 low.
BTC/USD Elliott Wave one-hour weekend chart 08.17.2025
Bitcoin made the drop as expected. So far, we can count only three waves from the peak, which is an incomplete structure for the ((c)) leg. We expect a short-term bounce followed by a final push down to complete five waves in the ((c)) leg. If the price breaks below the 111,984 low, it will invalidate the Elliott Wave count.
