Market makers are never in a hurry. They are willing to wait as long as necessary until enough liquidity has been built for their positions. They don't care whether traders become impatient or bored. Their objective is to shape market sentiment, convince the majority that price is headed in one direction, and then move the market in the opposite direction.

As you have probably noticed, Bitcoin has been trading in a sideways range for quite some time. Price continues to move up and down within this range, making trading conditions difficult and increasing the probability of false breakouts.

From a wave-count perspective, Bitcoin still appears to be forming a corrective structure. At the moment, this correction looks like a Triangle, and we expect this pattern to be approaching completion. Once the Triangle is complete, the next major move is expected to begin toward the red target zone shown on the chart.

We still expect wave E to complete soon. After the correction is finished, our outlook remains bullish, and we expect Bitcoin to continue its move toward higher price levels. Such a rally could also trap a large number of short sellers who become overly confident during the current consolidation.

Our previous bullish outlook on Bitcoin has not changed. The only reason the previously identified support zones did not produce stronger reactions is the corrective nature of the current market structure. Corrective markets often create deeper pullbacks and misleading price action before the primary trend resumes.

Let's see how the market unfolds.

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