The overall trend of Bitcoin is still viewed as a descending wedge. After the short-term price reached the upper pressure line, it has been oscillating, with the selling pressure almost fully digested. However, the smaller time frame has formed an ascending wedge, indicating a need for a pullback. It is expected that the low will fall within the range of $86,000 to $85,000, which is also where I plan to enter a long position, approximately 1,000 points lower than my last judgment, mainly because Bitcoin's momentum appears slightly weak, and I want to be more cautious.

Why did I choose this entry position?

First, the low point is here after the breakout of the small ascending wedge;

Second, it aligns with the second retracement level of the Fibonacci sequence;

Third, the current price is frequently spiking up and down, clearly indicating a 'sideways wait for a drop' pattern. This type of pattern often induces a short squeeze before rising—first spiking down sharply, then quickly pulling back, and finally accelerating upwards.

Therefore, I choose to wait for this spike before entering a long position. If I manage to enter, the next target is at least above $90,000. In the short term, I do not consider going short. If the pullback is very small, it may take off directly, so I can only patiently wait for the pullback to enter long and do not recommend going short at this position.