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Bitcoin (BTC) is trading at $72,090.87, up 10.3% over the past 24 hours and 12.5% on a longer-term reading, after the asset pushed into a price zone that one chart analyst had flagged weeks in advance.
Target Zone Reached in a Single Session
According to a technical breakdown shared by an Elliott Wave analyst, Bitcoin’s move into the $69,000 to $72,000 range had been forecast back in July. The analyst described the prior month as a prolonged sideways period before Wednesday’s sharp upward move, which they characterized as a “third wave” under Elliott Wave theory, typically the most aggressive phase of a rally.
What the Analyst Is Watching Next
The analyst was careful to note that hitting the target does not guarantee an immediate reversal. They pointed to the $72,100 level as the next Fibonacci resistance point and said momentum could still carry price higher before a larger pullback develops. Two downside levels were flagged as important. A break below $70,348 would suggest a more decisive top is forming, while a drop under $67,000 would, in the analyst’s view, signal that the recovery attempt is over.
On the upside, $83,000 was identified as the level that would technically invalidate the current bearish wave count entirely.
Wider Market Also Moves Higher
The rally was not isolated to Bitcoin. <a href="https://xpertsstudio.com/xrp-bitcoin-ethereum-hit-47b-volume-highest-since-june-as-btc-reclaims-72k/” title=”XRP, Bitcoin, Ethereum Hit $47B Volume, Highest Since June as BTC Reclaims $72K”>Ethereum (ETH) climbed 17.8% over 24 hours to $2,291.30, outpacing Bitcoin’s move and pushing its 7-day gain to 20.5%. XRP rose 20.4% on the day to $1.25, while Hyperliquid (HYPE) posted the sharpest gain among major tokens, up 22.6% to $72.18. Solana (SOL) added 10.3% to trade at $86.83, and BNB gained 6.2% to $645.00. Dogecoin (DOGE) rose 11.2% to $0.07883.
Source: cryptonews.net