$BTC 8.12 Bitcoin price today: Bitcoin surged to a secondary high point yesterday, then quickly fell back in after-hours trading. Today's first suggestion is clear—Bitcoin, Ethereum, and other coins are no longer suitable for going long, as this Elliott Wave Theory rise of Bitcoin has likely completed, and the top is very likely already in place, just waiting for the final confirmation signal.

From a medium-term perspective, we anticipated that Bitcoin would complete a wedge upward movement by July 25, and this structure was basically confirmed on August 2. Currently, although this five-wave movement has not reached a new high, it has the potential to end early. Once confirmed, it indicates the end of the first major wave, leading into the second major wave correction, which could last for at least six months or more. The key support for the first downward wave is at 98,000; if it cannot hold, it may go directly to 95,000, and there will be further fluctuations before continuing downward.
In summary, starting today we enter a short position cycle. If the trendline support at 115,000~116,000 is broken, it can be confirmed that a peak is reached.