Bitcoin’s Wave 5 May Begin, Targeting $350K If Weekly Close Surpasses Previous All-Time High

Key Points

1. Bitcoin's weekly chart shows a refined Elliott Wave structure, with wave 5 potentially targeting $350,000 if a weekly close above the previous all-time high is achieved.

2. Market analyst Gert van Lagen identifies a step-like parabolic formation with three accumulation phases (Base 1, Base 2, Base 3) since early 2023, supporting the wave 5 breakout theory.

3. Wave 3 is marked as ending near $110,000, wave 4 around $75,000, and wave 5 is now underway with confirmed subwaves i and ii.

4. The $350,000 target aligns with historical parabolic growth cycles and depends on technical confirmation from a weekly close above the all-time high.

5. The analysis is based on Elliott Wave theory and step-like parabolic formations, indicating a potential acceleration phase for Bitcoin's price.