The recent Bitcoin market trend is eye-catching. After reaching a peak, Bitcoin did not experience a significant pullback as the market expected, but instead formed a converging triangle pattern. This pattern usually indicates a temporary calm in price fluctuations, as market participants are waiting for confirmation of the next direction.

Subsequently, the price chose to break upwards, presenting a wave structure known by traders as the "Sifuo pattern" in the ABCD format. This structure is often used in technical analysis to predict potential price movements and turning points.

It is worth noting that if Bitcoin's price shows signs of topping out in the area above $118,000, it could trigger a wave of adjustment. Analysts expect this may cause the market to enter a downward channel, completing the so-called small wave 4 ABC adjustment process. In this case, the target price for the adjustment could drop to around $115,800.

However, investors and traders should bear in mind that the high Fluctuation of the cryptocurrency market means that any predictions come with uncertainty. Market participants need to closely monitor various technical indicators and fundamental factors to make informed investment decisions. At the same time, risk management is particularly important in this rapidly changing market.