$BTC 8.12 Bitcoin price today: Bitcoin surged to a secondary high point yesterday but quickly retreated 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 in Bitcoin has likely come to an end, and the top may have already formed, just without the final confirmation signal yet.

From a medium-term perspective, on July 25th, we anticipated that Bitcoin would end its wedge-shaped rise, and on August 2nd, this structure was basically confirmed. Currently, this fifth wave has not made a new high, but it already has the potential to end early. Once confirmed, it means the end of the first wave, and we will enter the second wave correction, which will last at least over six months. The key support for the first wave decline is at 98,000; if it cannot hold, it may go directly to 95,000, and there will be repeated fluctuations before further declines.

In summary, starting today we enter a short position cycle. If the trend line support at 115,000~116,000 is broken, it can be confirmed that a peak has been reached.