- Bitcoin set a new all-time high of $111,999, recovering from an April low of $74,500 after a 30% drop earlier this year.
- Technical indicators point to a next target of $131,000, with wave theory suggesting a long-term potential of $237,000.
- The bullish structure remains valid as long as BTC stays above $98,200, the low from its most recent correction.
Bitcoin’s 2025 journey has been nothing short of a rollercoaster. The year started with a steep 30% drop, bottoming out around $74,500 in April. But in true Bitcoin fashion, the price reversed with authority, climbing back to set a new all-time high (ATH) of $111,999 on July 9, continuing the bullish momentum that began in late spring.
After correcting to $98,200 in June, BTC bounced back strongly, avoiding a major breakdown. This move created a bullish engulfing candlestick, signaling that bulls were still in control. The return above the $104,000 support zone and subsequent breakout has now confirmed the continuation of the uptrend.
Technical Analysis and Fibonacci Target
With BTC now in price discovery, the next logical target comes from the 1.61 external Fibonacci retracement level, projecting a potential move to $131,000. However, the real intrigue lies in the Elliott Wave count, which suggests Bitcoin is in the fifth and final wave of a rally that began back in December 2022.
If this fifth wave extends — as current parabolic price action suggests — the long-term target could be around $237,185, assuming it matches the combined length of the previous waves. The wave structure remains intact as long as BTC does not dip below $98,200, the low of the most recent correction.
Correction Breakdown and Channel Exit
The correction from April to June unfolded in a descending parallel channel, a typical pattern in Elliott Wave theory. BTC’s breakout from this formation indicates the correction has ended, reinforcing the bullish setup. Traders and analysts are watching closely to see if BTC can maintain support above $110,000 as it targets the next leg up.

Final Thoughts
Bitcoin’s strong rebound and new ATH signal that the bull market may still have room to run. Whether it’s a measured climb to $131K or a euphoric burst to $237K, technicals suggest BTC’s rally is far from over. As long as key support levels hold, bulls remain firmly in charge.