$BTC Bitcoin Price Today: June 1st

Bitcoin is currently trading above 94,000, with a high of 94,792. Since the low point, the upward movement has been structurally clear, essentially forming a three-wave upward pattern. On January 4th, we outlined two possible paths: one is the red route, which involves a three-wave rise that ends directly; the other is the yellow route, which involves a five-wave rise that ultimately reaches the upper boundary of the channel.

So far, it has not been confirmed which of these two routes will play out. The reason is simple: the current price action is not enough to negate either structure. Only when Bitcoin experiences a retracement of more than $4,000 from the current level can we reasonably confirm that this upward move from the low point has ended, validating the red route. Until such a retracement occurs, we cannot confirm whether the rally has ended or how high it might ultimately go.

In summary, Bitcoin and Ethereum are currently in the third wave of their upward move from the starting point. Whether they can complete a five-wave rise to reach near the upper boundary of the channel remains unconfirmed. Only when Bitcoin drops by $4,000 and Ethereum drops by $200 will we confirm the end of the rally. Currently, both the red and yellow routes are still in an unconfirmed state.