Bitcoin rally from 28115 low is taking the shape of Elliot Wave five-wave impulse sequence. It's labeled (1)-(2)-(3)-(4)-(5). The sequence follows the alternation guideline quite well, wave (2) unfolded as an expanded flat, and wave (4) took the shape of a simple zigzag.
According to EW theory, once a five-wave pattern is completed, at least a three-wave correction in the opposite direction will follow it. So, once wave (5) rally is completed we could see a sharp decline. The fifth wave usually finds resistance at the upper boundary of the parallel channel and 61.8 Fib extension.
IMPORTANT NOTE Targets below wave (4) low around $36453 is plausible for the expected correction. The price must stay above the black support line "The start of the impulse wave" at $28115 for the Bitcoin bullish cycle to continue.
If the price breaches the black line, Bitcoin could be heading for a bigger correction. What's your view on Bitcoin? Let me know in the comment.