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BTC is in the suppression phase of the intermediate channel. My judgment is as follows:
**Short-term target levels**
If Bitcoin can stabilize above the middle band, the target range is 960 to 985. At the same time, if Ethereum breaks through the middle band, the target will be around 3300 to 3350.
**Wave theory perspective**
According to wave theory, assuming 806 is the end of wave three, then 945 should be the end of wave four, and the final target of wave five will be around 75,000. But this is just a hypothesis.
From another perspective, if 806 marks the start of large wave A, then a 1:1 retracement would put wave B’s retracement target near 980—interestingly, this also corresponds to the 0.5 retracement level. Wave C would ultimately point to 70,000.
**Key observations**
Regardless of how the intermediate structure unfolds, after these two hypothetical target levels, a wave of decline will follow. So, in the short term, focus on resistance levels; in the medium term, observe the wave rhythm. Both risks and opportunities lie within the rhythm changes.