$BTC 7.31 Bitcoin price today: Bitcoin is currently trading around 117,000, after a whole segment of rise from 98,115, which has structurally ended. What is currently happening is a larger level adjustment, not a small wave correction, but an expansion adjustment in structure.

Structurally, we are currently in a double sawtooth adjustment structure: the first segment down from 123,300 is the W wave, and we are now in the X wave, which has not yet confirmed whether it has ended. It may end at the current position or may slightly retrace before ending. But in either case, we will soon see further declines in the Y wave.

In summary, the long position in Bitcoin has been stopped out, indicating that the market from 98115 to 123300 has ended. The adjustment level has expanded from 123300 to the present; this is not the fourth wave adjustment. Currently, it has been 16 days since the adjustment from 123300, and it is expected to adjust for about 25 days; forming a double zigzag adjustment structure.