Bitcoin has absorbed a sharp selloff and stabilized at key support, signaling that buyers are firmly in control. As the market maintains its structure, insights from quant models suggest that Wave (3) is underway, pointing towards a short-term target around $104,000.
The Q-structure confluence remains firm, keeping the bullish bias alive
Elliott Chart, in recent updatenoted that Bitcoin remains firmly supported around the Q-structure λ₅ confluence zone, a level that continues to support a broader bullish outlook. This support area has absorbed selling pressure, suggesting that major players are still defending key levels despite recent volatility.
After a closer examination of the market structure, the recent pullback is now classified as a complex corrective phase rather than the start of a larger downtrend. In particular, the correction is interpreted as an intermediate wave (2), which takes place through a zigzag W | Zigzag X | Placement of triangle Y.
With this corrective pattern largely resolved, the Elliott chart highlights that the medium wave (3) is now underway, with smaller waves 1 and 2 already taking shape. This suggests that the market is building the foundations for a more decisive move up.
The critical part that is still developing is the impulsive minor wave 3. Historically, this wave tends to be the strongest and most aggressive part of the advance. If it plays out as expected, the model points to a near-term Q-target of around $104,444, generated using the Q-structure projection λᵣ.
This bullish scenario is derived from insights within the framework of quantum models and is not based on short-term noise. Notably, this potential trend reversal was first predicted on November 15, during Bitcoin’s decline.
Sharp Flush finds strong demand at key levels
Delving into current price action, CyrilXBT exposed that Bitcoin experienced a sharp rise but found buyers precisely at a critical support level, allowing the price to stabilize and gradually rise. This reaction indicates that the recent sell-off has been absorbed by strong demand rather than driven by panic selling, reflecting healthy market participation by buyers in key zones.
This type of price action highlights absorption, not fear. What stands out the most is the higher-lower structure that emerged after the crash. This formation is important because it signals that downward pressure is weakening. As long as Bitcoin continues to hold within this renewed range, the risk of a deeper selloff diminishes and the market retains the potential for further upside.
Lateral or consolidated price action at these levels is constructive for the overall crypto market. Maintaining this structure sets the stage for a healthier, more sustainable Bitcoin progression instead of a sudden or volatile rebound.
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