Technical Signals Point to $88,640 BTC Target

Bitcoin’s value is surging towards a new record high of over $86,000, driven by a 3% increase in market capitalization exceeding the $2.95 trillion mark. Analysts attribute this price surge to expanding DeFi applications and growing institutional investments. This rise aligns with an identifiable wave pattern, according to Elliott wave theory, indicating a potential for further upward movement towards a target of $88,640, corresponding to 100% Fibonacci extension. However, the bullish momentum hinges on sustained trading volume.