Has BTC price broken out of a 6M long downward parallel channel?

I’m sharing some simple technical analysis for discussion purposes only. This is not investment advice. Your profits or losses are your own responsibility.

We’ve endured a rather dull 6 months in the crypto market, with BTC trading sideways and consolidating within the $50K-$70K zone. This is quite normal considering BTC robust rally from $25K on 2023.09.12 to $74K on 2024.03.13. This 6-month impulse wave typically corresponds to a 6-month correction wave, which is anticipated to conclude around 2024.09.

We have witnessed the breakdown of a descending parallel channel after BTC price surpassed $67K on 2024.10.16. Currently, in my opinion, BTC price is retesting the upper boundary of the previous descending channel before continuing its upward momentum and aiming for a new ATH. This analysis would be invalid if BTC price drops below $60K.

Regarding the target for this impulse wave, I’m using parallel channels and Elliott waves count. Parallel channels suggest that BTC price could reach $140K-150K in Q1 of next year. Elliott wave count suggests that waves 4-5 will be equal in size to waves 0-1, so BTC could complete waves 4-5 at $100K.

Summary: I believe BTC has broken out of its accumulation phase and has officially entered a new impulse wave to reach $100K zone.

I’m eager to get your perspectives on the current market conditions and your predictions for the future in my topic on AltcoinsTalks forum: https://www.altcoinstalks.com/index.php?topic=325229