In this video, we break down Bitcoin on the 4h and 1h chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Current Elliott Wave (EW) analysis for Bitcoin (BTC) in January 2026 indicates a complex corrective phase with short-term downside risks and potential long-term recovery. Analysts largely agree that the major five-wave bullish impulse that began in 2022 and peaked in October 2025 at $126,073 has completed.
Bitcoin is currently in Wave [4], a corrective phase often manifesting as a triple zigzag ((W)-(X)-(Y)-(XX)-(Z)). The short-term focus is on the final leg of this correction, Wave (Z), which is expected to target the $80,770 low.
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Key Elliott Wave Projections for 2026
Technical outlooks suggest a split path for the remainder of the year:
--Immediate Correction (Bearish Case): The price is expected to retest support levels between $75,000 and $80,000 as the final sub-waves of the current correction complete. Some models predict a deeper "Wave C" pullback towards $58,000–$75,000 by late February or March 2026 before a new cycle begins.
--Recovery and New Highs (Bullish Case): Following the completion of Wave [4], a final Wave [5] could push prices toward a range of $135,000 to $140,000 by mid-to-late 2026. Several institutional analysts maintain 2026 targets between $120,000 and $170,000, citing improved liquidity and ETF flows as structural support.
--Pivot Levels: Technical analysts identify $89,222 as a critical near-term pivot. Maintaining this level supports a "double three" corrective structure that favors an eventual move back toward $98,000.
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