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Bitcoin Price Analysis – July 8
The main target for Bitcoin remains at $130,000, but before that we expect a final drop as part of the wave Y correction.
If Bitcoin rises and exceeds the recent local maximum of $110,530 (, recorded on July 3 ), forming a potential guiding wedge pattern, the subsequent decline is likely to be more limited, with a target of around $103,000.
However, if it does not reach a new high, the decline could be sharper, potentially falling to the level of $100,000.
A confirmed breakout below $106,700 will indicate that the wave Y correction has officially begun.
Trading Strategy Consider short positions around the level of $112,000. Once the correction of wave Y is complete, look for opportunities to open long-term buys.