Elliott wave analysis of the market for August 20, 2026 BTCUSD

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FreshForexTeam

BTCUSD: BUY 70000, SL 67500, TP 75000.

Bitcoin has finally produced the strong directional move that had been anticipated for quite some time. The price surged higher, exactly as expected. This move is most likely driven by the beginning of Wave 3 of (iii).

The upside potential is far from exhausted. In the near term, the price is likely to continue its strong advance toward the previously established target. However, 75,000 may not be the ultimate limit. If buyers gain further momentum, Bitcoin could potentially accelerate beyond 80,000, making the current setup particularly attractive for long positions.

Therefore, previously opened long positions should continue to be held. Additional positions in the same direction may also be considered.

Investment idea: BUY 70000, SL 67500, TP 75000.

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