3 hours ago
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TLDR:
- Bitcoin price trades at $111,225 with 24-hour volume of $33.8B, showing a 1.42% drop in daily trading.
- Analyst CasiTrades expects Bitcoin’s Wave 2 relief rally could hit $118K–$122K before a deeper fall.
- Dr Cat sees a 50% chance that Bitcoin has already topped for 2025, citing long-term wave patterns.
- Key support levels for Bitcoin correction are projected at $93K and $77K if Wave 2 resistance holds.
Bitcoin traders are on alert as technical analysts suggest the market may be entering a short-lived relief phase. The asset has been struggling to maintain momentum after its recent all-time high, fueling speculation over the next major move.
Some analysts point to a Wave 2 rebound that could lift prices briefly before a sharper correction begins. The discussion has gained traction across crypto trading circles, with attention shifting to resistance levels. Market watchers are weighing whether this bounce will give altcoins room to run.
Bitcoin Price Holds Near $111K as Traders Watch Wave 2 Setup
Per CoinGecko data, Bitcoin trades at $111,225 with a 24-hour trading volume above $33.8 billion. The price has slipped 1.42% in the last day and 1.40% over the past week, raising questions on short-term momentum.
BTC price on CoinGreckoCasiTrades, a market analyst on X, reported tracking a potential macro correction pattern using Elliott Wave Theory.
She suggested that the first wave may have ended with a low near $108,000, lining up with the .118 retracement zone. That positioning, she said, strengthens the case that Bitcoin has already topped and is entering a corrective structure.
The focus now turns to Wave 2, which he called “key” for the broader trend. She noted that a relief bounce could target the .618 retrace near $118,400, with an extended zone reaching $121,000 to $122,000.
However, she stressed that Bitcoin should not register a new all-time high during this move.
🚨Bitcoin’s Next Move. Wave 2 Relief Before a Deeper Correction?! 🚨
From the all-time high, I’ve been tracking a potential macro correction (ABC) with the A wave projected near $77K. This wave should unfold in a 5-wave structure, and I believe we may have just completed Wave 1… pic.twitter.com/f320nHTVIK
— CasiTrades 🔥 (@CasiTrades) August 28, 2025
She further pointed out that altcoins could see new highs during Bitcoin’s relief phase. XRP and CRO were highlighted as examples of tokens already showing signs of strength, with consolidation patterns suggesting fresh momentum.
Analysts Split on Bitcoin’s Next Macro Move
Another analyst, Dr Cat, shared a separate view, saying he gives a 50% chance that Bitcoin already topped in 2025. He referred to wave cycles and stressed that the market could still experience two more bullish monthly waves within the larger structure.
He added that Ethereum’s monthly chart does not support a bullish flip this year, which may delay a broader breakout for the market. His view places Bitcoin’s current position in a complex cycle rather than an immediate reversal or continuation.
$BTC Bitcoin
To make it clear, this is not a prediction because as I posted recently I'm 50/50 whether we've topped for 2025.
But as I see some people discussing either a bear market or an immediate bull continuation – and nothing else.
This is another alternative scenario to… pic.twitter.com/rysDeh3It8
— Dr Cat (@DoctorCatX) August 28, 2025
For traders, both scenarios highlight the importance of resistance levels.
Casi noted that if Wave 2 confirms without breaking new highs, the correction could drive Bitcoin to key supports at $93,000 or even $77,000. Until then, analysts continue to monitor short-term relief while weighing risks of deeper downside.
The debate shows that market direction remains unclear, even as traders brace for volatility. With price action consolidating near $111,000, the next few weeks could prove decisive for crypto markets.
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