Technical analysis by pozitifnegatifuyumsuzluk about Symbol BTC: Buy recommendation (7/2/2025)

The 1. wave started with a rally of about 170 %. Subsequent 3rd wave continued with a strong rise of 123 %. Currently, I think the 4th correction wave has been completed. In this context, we have entered into the 5th wave. As can be seen in the graphics, when the RSI value increased above 70 levels, a local peak was formed and a short -term bull market has been experienced. At the same time, RSI increased above 70. In our indicator, you can easily see which level of RSI 70 support. I assume that the wave has begun, and I think it is reasonable for the target of this wave to have 135,000 levels. It can probably take place in a period of 40 to 60 days. At this point, with the completion of the 5th wave, it is likely that we are likely to end the rise process and switch to the bear market within the scope of Elliott wave theory. I think that NUPL is not the same as it used to reach 65 levels. As a matter of fact, Nupl tested this level at the summit in the last quarter of 2021. Therefore, this level has become critical and overlaps with 135,000 - 150,000 bands. In addition, due to the new market conditions (conjuncture) we are in, I think that the top -of -chain data such as NUPL, MVRV, Rhodl, Puell Multiple will not reach the classic “red zone gibi as in the previous bull cycle. In fact, in the following years, I predict that these indicators can be redefined based on the peak levels in the last quarter of 2021 as the “Red Zone Beginning”. In other words, the 65 levels in Nupl can be accepted as the new beginning of the classic (enthusiasm/greed) region.