The Bitcoin market has recently shown a downward trend, continuously breaking through important price levels. From a Technical Analysis perspective, the current trend aligns with the C wave level adjustment characteristics in Elliott Wave Theory. The previous slight rise can be regarded as the first major wave, while the market is currently undergoing the pullback process of the second major wave.

Investors should pay attention to the Fibonacci pullback level of 0.382, which is around $119,500. This area constitutes an important support zone. From a strategic perspective, this price level may become a potential buying opportunity. For investors seeking to engage in swing trading, this price range could be an ideal position to build a position. At the same time, investors who have not yet entered the market can also view this as a good entry point.

Looking ahead at the medium-term trend, the market may enter the third major wave of pump after completing the current pullback. Based on the current analysis, the target price for the third major wave may point towards around $137,000. However, investors should keep in mind that the cryptocurrency market is highly volatile, and any predictions come with uncertainty.

When making investment decisions, it is advisable for investors to consider the market fundamentals, macroeconomic factors, and their personal risk tolerance comprehensively. At the same time, continuously monitoring market dynamics and adjusting strategies in a timely manner is also a wise move. As responsible investors, while pursuing returns, it is important to pay attention to risk management and allocate assets reasonably.