Bitcoin formed a significant low at $80,537 on November 21, 2025, and has since traded sideways to upward in a double three corrective structure under the Elliott Wave framework. Wave (W) ended at $94,172, followed by wave (X) pulling back to $84,398. Wave (Y) is underway, subdividing into a smaller double three: wave W at $94,792, wave X at $89,190, and wave Y as a zigzag ((a))-((b))-((c)). Within ((a)), wave (i) reached $92,392, wave (ii) retraced to $90,016, and wave (iii) hit $97,939. Wave (iv) is expected to correct from the January 12, 2026 low, before wave (v) completes ((a)).
As long as the $89,222 pivot holds, dips should find support in 3, 7, or 11 swings, favoring upside. On Wednesday, Bitcoin traded above $95,000 amid positive sentiment, lifting altcoins like Ethereum and Ripple, which held Tuesday's gains from lower-than-expected US December core inflation. Ripple dipped to $2.15 after rallying to $2.19. Hyperliquid surged above $26.00 with improving on-chain metrics, while Pi Network held above $0.2000 after a 1% bounce.
By Friday, Bitcoin pulled back toward $90,000 after rejection at resistance, driven by fading institutional demand and net outflows from spot ETFs this week.
TD Cowen trimmed its price target for Michael Saylor’s Strategy (Nasdaq: MSTR) to $440 from $500 while maintaining a buy rating, citing near-term pressure from accelerated Bitcoin purchases amid price compression. Analysts Lance Vitanza and Jonnathan Navarrete, from TD Securities' research division, noted in a Wednesday report that Strategy raised roughly $1.25 billion and used nearly all of it to buy more Bitcoin, leaning into the downturn. They linked this to broader shifts in Bitcoin’s institutional market structure, affirming Strategy remains attractive for Bitcoin exposure despite flirting with a zero Bitcoin premium recently.
On Monday, Strategy announced its largest Bitcoin purchase in over five months, acquiring 13,600 Bitcoin in the past week for over $1.2 billion at current prices. The Tysons Corner, Virginia-based firm now holds 687,400 Bitcoin, valued at over $62.8 billion with Bitcoin at $91,415 per CoinGecko. A week ago, when U.S. markets opened, Bitcoin traded around $93,000, highlighting the recent price dip that Strategy aggressively exploited.
