If we see this scenario, it will not only shake the nerves of traders but also their wallets.
Now Bitcoin is following the scenario that we noted with you earlier here (https://safetrading.today/ideas/btcusdt-price-prediction/18-the-bears-have-taken-the-initiative-what-s-next- by-crypto-papa/)
This is a correction in the form of "flat" relative to the Elliott theory (or 3-3-5)
Now we are in the wave that concludes this correction, namely the impulse of five.
But there is another option that would fit well into the picture that we now see on the chart. This will be the "Ending diagonal".
In other words, this is the final ascending cycle pattern. In this case, Bitcoin can really get to the 100k area. But this growth will be quite difficult in terms of trading. The growth will no longer be impulsive in this case, the growth in such a figure as the ending diagonal has a "zigzag" structure as if demand runs out of fuel so that we can not see full-fledged five waves impulses.
However, as long as the price of Bitcoin has not consolidated below 29k, we cannot rule out such a scenario as an ending diagonal, since the momentum that set the all-time high for Bitcoin is very similar to a zigzag (marked in red) and only the ending diagonal has such a structure in an upward cycle or 3- 3-3-3-3.
It is worth being patient and watching the price action - in which of our scenarios this behavior fits in the best way.