Bitcoin: Bullish Structure or Deeper Correction?Bitcoin / DollarBITFINEX:BTCUSDMehdi_Abbasi_EWPBitcoin Weekly: The Structural Battle Between Wave III and a Deeper Wave IV This weekly analysis is presented on the Linear chart, while the logarithmic chart is also considered when evaluating Bitcoin’s long-term structure. The difference between these two scales is significant in terms of wave size, price distance, and time relationships. However, the important point is that the primary scenarios remain broadly aligned on both scales. From the beginning of this chart, considering the initial price area, we can identify two major impulsive structures within Bitcoin’s larger market development. The wave relationships in this analysis are not based merely on the visual appearance of the chart. Each structure has been evaluated according to its direct relationship with the rules and guidelines of the Elliott Wave Principle. From a structural perspective, the previous decline appears to have completed, and the main question now is whether the market is developing a new impulsive structure to the upside or still requires a deeper correction. At this stage, one possibility is that the market is developing Wave (III), with its internal structure unfolding as an Impulse. After the current correction is completed, a strong impulsive move could provide the first green light for the conservative bullish scenario. Under the Conservative Scenario, the previous corrective structure can be interpreted as a Double Zigzag with seven major swings, which has been highlighted on the chart. A break above the previous Wave X followed by a valid impulsive advance would provide important confirmation that Wave (II) has completed and that Bitcoin has entered the next phase of the larger bullish cycle. After that, depending on the time and price relationships of the new advance, another corrective structure may develop. The market could even begin forming a nested 1–2, 1–2 structure. Such behavior could become an early indication of a powerful higher-degree Wave 3. However, under the Aggressive Scenario, shown in blue/turquoise, the completion of the correction cannot yet be considered confirmed. If the current advance develops as only a limited five-wave structure within a larger correction, Bitcoin could enter another decline after its completion. In that case, the correction could extend toward lower targets, with the $30,000 area remaining a potential objective under this scenario. Therefore, the difference between these two scenarios is not simply a specific price target. The real difference lies in the structure the market develops next. If we see a strong impulsive advance, an appropriate structural breakout, and the development of nested wave structures, the Conservative Scenario will gain strength. But if the current movement continues to behave correctively and another three-wave or five-wave structure is followed by renewed selling pressure, the Aggressive Scenario remains valid. Ultimately, this analysis is not an attempt to predict the future with a single price target. The objective is to follow the structure. Whenever the market violates the rules and guidelines supporting the current count, the interpretation must be reassessed. The market builds the structure first; only then does it reveal the target. — Mr. Nobody Independent Elliott Wave Principle Researcher “Patterns whisper. I listen.” 📊🎧 Bitcoin Oct 11, 2022 End diagonal pattern? Bull market? Bitcoin Bitcoin Jun 22, 2023 Strong bullish cryptocurrency market???YES Bitcoin Jul 4 Bitcoin 4H | Is the First Bearish Leg Complete.