Recently, the Bitcoin market has drawn attention. Let's analyze the current situation from the perspective of wave theory.

Currently, the price of Bitcoin has completed a complex adjustment process and has begun a new round of increases. This wave of increase shows typical characteristics of an extended fifth wave, manifested in strong upward momentum, shallow pullbacks, and steep upward slopes. Especially after breaking through previous highs, the upward trend has further accelerated.

From a technical perspective, the price of Bitcoin has entered the target range of $123,218 to $135,096. In the short term, the market may attempt to surge towards the range of $128,500 to $130,200. If the upward momentum continues, it may even test the upper resistance zone of $132,800 to $135,000.

However, investors need to be cautious as, according to wave theory, the final phase of a major upward wave is often accompanied by high-level fluctuations and top divergences. Once the price enters the target range and the upward momentum weakens, the market may face a correction risk of no less than $13,780.

It is worth noting that from a longer-term perspective, the current market structure is more likely to be an extended fifth wave formation, rather than the end of the medium-term primary trend. This means that even if a pullback occurs, the long-term trend may still remain bullish.

Overall, the Bitcoin market is at a critical juncture. Investors should closely monitor the price performance within the target range while being prepared for potential pullbacks. In any case, long-term investors may still have reasons to maintain an optimistic outlook.