Bitcoin Elliott Wave Analysis Signals Potential Trend Shift

Traders interested in Bitcoin’s price action will find an Elliott Wave perspective useful. This article reviews the latest BTCUSD Elliott Wave charts to assess whether the recent cycle is concluding and a reversal may be imminent.

The cycle that peaked on September 21 is considered complete, suggesting a possible change in direction. Key price levels that must hold are identified, along with target zones that traders should monitor.

Readers unfamiliar with Elliott Wave principles can consult basic educational resources to understand the patterns used in the analysis.

BTCUSD Elliott Wave 1  Hour  Chart 10.20.2026

Earlier projections indicated that the correction could bottom at 79,704. The subsequent bounce has been modest, and further upside separation from this low is needed to confirm the bullish stance. Price action since the low has formed a higher‑high structure, and the expected red wave ii is projected to finish above the prior blue wave ii low before resuming upward momentum.

BTCUSD Elliott Wave 1  Hour  Chart 10.21.2026

A fresh higher break occurred, supporting the bulls. The current wave count suggests BTCUSD may now be in red wave iii of the blue wave (iii), indicating the potential for additional gains.

Confirmation of the cycle’s end is sought via the 50% Fibonacci retracement of the connector measured from the October 2 peak of 87,186. This level computes to 83,458, which is a critical threshold. A close above 83,458 would reinforce the bullish case, with the next target identified at 89,124.

If price remains range‑bound without a decisive break above the key level, the likelihood of the bullish scenario diminishes. In that case, the 79,704 low could be tested again. A break below this pivot would shift focus to a deeper H4‑level correction.

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