Bitcoin: Correction After Initial Diagonal, Bullish Scenario

The recent upward movement in Bitcoin strongly resembles an initial diagonal pattern, characterized by a series of three-wave structures. Such a pattern is often followed by a sharp correction, which aligns with the pullback we have just observed.

I expect the correction to complete soon, paving the way for the upward movement to resume.

However, the outlook will shift to bearish if the price forms a clear five-wave structure to the downside and breaks below the critical 91,500 level.

Traders should monitor these key developments closely to align with the prevailing trend.