Bitcoin’s Wave 5 May Begin, Targeting $350K If Weekly Close Surpasses Previous All-Time High

• Bitcoin’s weekly chart analysis reveals the initiation of wave 5, targeting a significant surge toward $350,000 upon breaking its previous all-time high.

• Since 2022, Bitcoin has formed three distinct technical bases, setting the foundation for a potential parabolic breakout aligned with historic bull market patterns.

• Market expert Gert van Lagen highlights the step-like Elliott Wave formation, emphasizing the importance of a weekly close above the ATH to confirm the next major upward impulse.

Bitcoin’s Elliott Wave count signals a wave 5 breakout with a $350K target, contingent on a weekly close above the previous all-time high, reflecting historic parabolic trends.

Bitcoin’s Elliott Wave 5: Chart Signals Potential $350K Surge

The latest Bitcoin weekly chart presents a refined Elliott Wave structure, indicating that wave 5 has commenced following the completion of wave 4 near $75,000. This development suggests a strong upward momentum could be imminent, with a projected price target of approximately $350,000. The correction phase appears to have concluded, and the market is poised for a decisive breakout that aligns with historical parabolic growth cycles.

Step-like Formation and Technical Bases Underpinning Bitcoin’s Upside

Market analyst Gert van Lagen identifies a step-like parabolic formation on Bitcoin’s weekly chart, characterized by three key accumulation phases since early 2023. These bases—Base 1, Base 2, and Base 3—have provided critical support levels, culminating in a transition to a vertical price trajectory. This pattern historically precedes rapid price acceleration, as the market shifts from consolidation to exponential growth. The Elliott Wave count marks wave 3 ending near $110,000 and wave 4 completing around $75,000, with wave 5 now underway, including confirmed subwaves i and ii.

Weekly Close Above ATH: The Crucial Trigger for Wave 5 Acceleration

The confirmation of wave 5’s impulsive phase, specifically subwave iii, hinges on Bitcoin achieving a weekly close above its previous all-time high. Such a breakout would validate the bullish scenario and likely trigger a strong upward leg toward the “SELL LINE” target near $350,000. This level represents the anticipated peak of wave 5(5), based on the revised Elliott Wave count. Historically, Bitcoin’s parabolic cycles have demonstrated that extended consolidation phases are often followed by explosive price movements once key resistance levels are decisively breached.

Alignment with Historical Parabolic Patterns and Market Dynamics

The current wave structure mirrors Bitcoin’s past bull market behavior, where the final wave in the Elliott Wave sequence tends to be the steepest and most dynamic. This phase is typically driven by heightened momentum and diminishing supply, fueling rapid price appreciation. With wave 4 behind and wave 5’s early subwaves forming, the market is positioned for a potential acceleration phase. The projected $350,000 target is contingent on technical confirmation but underscores the possibility of a substantial price expansion if the breakout materializes.

Conclusion

Bitcoin’s weekly chart analysis, supported by Elliott Wave theory and step-like parabolic formations, suggests that wave 5 has begun and could propel prices toward $350,000. The critical factor remains a weekly close above the previous all-time high, which would confirm the next impulsive leg and align with historical breakout patterns. Investors and traders should monitor this key technical level closely, as it may signal a significant phase of price expansion in the coming months.