Bitcoin (BTC/USDT) 4H Wave Update: Corrective Dip Holds, Bulls Eye $66,700

The short-term Elliott Wave outlook for Bitcoin (BTCUSD) on the 4-hour chart shows the pair completing a corrective decline from the July 22, 2026 high near $66,940, which unfolded in a three-wave (zigzag) structure into the July 24, 2026 low at $63,512. From that pivot, price has turned higher in a fresh bullish sequence. Wave (i) rallied to $64,150, followed by a shallow pullback in wave (ii) that held at $63,850. Wave (iii) then extended to $64,850, with a brief retracement in wave (iv) completing at $64,550. The final leg, wave (v), pushed to the session high of $64,940.51, completing wave ((a)) of the developing recovery.

Since tagging that high, Bitcoin has eased back to the current price near $64,707, which is being viewed as the early stages of a corrective wave ((b)). As long as this pullback holds above the $63,512 pivot low, it should continue to unfold in either three or seven swings before buyers step back in. Assuming wave ((b)) completes as a shallow pullback in the $64,300–$64,550 area, the subsequent wave ((c)) can be projected using the Fibonacci extension of wave ((a)). The 100% to 161.8% extension of that leg defines a potential target zone between $65,700 and $66,700 — an area that also lines up with the origin of the July 22 decline.

While the $63,512 pivot remains intact, dips are expected to continue attracting buyers on this 4-hour timeframe, keeping the short-term structure constructive. A clear break back below that level would suggest the corrective decline is still in progress rather than complete, and would delay the bullish sequence outlined above. For now, the path of least resistance favors additional upside toward the $65,700–$66,700 zone, with the pace of the current pullback in wave ((b)) offering the next clue on how quickly that target zone can be reached.

Bitcoin (BTCUSD) 4-Hour Elliott Wave Chart

Disclaimer: This article reflects one possible Elliott Wave interpretation of current price action and is for educational purposes only. It does not constitute financial advice. Wave counts are inherently subjective, and no projection guarantees future price movement. Always do your own research before making trading decisions.