After Elon Musk’s bombshell earlier this week that boosted Bitcoin’s value by around 20% in two days, and it seems that this week just keeps on giving. After being convinced that we had seen a short-term top on Tuesday at the new all-time record high just under $49,000, news today by MasterCard propelled prices just above the $49K marker.

Elon musk gave more than a tweet to boost Bitcoin price with the announcement yesterday that Tesla would invest $1.5 billion into Bitcoin and may soon begin accepting Bitcoin as a payment method. This news from Tesla’s CEO is undoubtedly the most significant headline that the world’s largest cryptocurrency has had for some time.

Having hit an intra-day high of $42,000 on January 8^th, BTC futures have been trading between $30,000 and $39,000, with yesterday’s 1.67% gain bringing prices to the top of that range to close at $38,015. The likelihood that we have seen a price high that will stand for some time must be noted. Currently, we have BTC trading fractionally lower at $37,790.

BTC futures is currently posting a gain of $2300 (6.76%) as of 3:20 PM Eastern Standard Time. It is currently trading above a resistance trendline that it had moved above intraday on Friday of last week and Monday but was unable to hold and close below on both occasions.

ßitcoin seems to have found at least short-term support at our first of three likely pivot points that make up the three most probable places for the current triangle pattern to find a bottom.

BTC futures are trading within an asymmetrical triangle, this pattern is relevant now and could continue to define price action until the current correction concludes. The left side of the triangle is drawn by connecting the high of December 11, 2022, the all-time high on January 8, 2021.

BTC has been on the decline for the past two weeks after hitting a new record high of $42,700 on the CME’s most active futures on January 8^th. Today the selling pressure continued currently trading $1,815 lower at $34,780 nearly a 5% decline for the day.

With the volatile week coming to a close BTC has seen a weekly price range only dwarfed only by last week’s $15,000 trading range. The major difference of course is this week’s large-bodied candle is red signaling a decline for the week. It seems as though BTC is indeed at a tipping point and is entering a corrective period that will intensify should BTC not hold above $30,000.

Instead of going over the current wave count, I find it more relevant and noteworthy to cover a few Fibonacci harmonics in BTC which may very well mark the end of the current rally, and if a correction is to follow where that correction could take us to.

With 2020 finally over a lot of things are pointing to the possibility that BTC’s rally is also coming to a wrap. The majority of the technical studies that are predicting the end of this rally or at least this leg of it come from Fibonacci extensions and wave theory.