Bitcoin price movement shows a clear Elliott Wave Theory pump pattern, currently in the fourth wave pullback stage. From a Technical Analysis perspective, this pullback typically forms an ABC structure and contrasts with the adjustment of the second wave.

Considering that the second wave is characterized by a sideways consolidation, we can reasonably speculate that the fourth wave is likely to exhibit a downward adjustment feature. If we assume that the proportions of the three segments A, B, and C in the ABC structure are close to 1:1:1, and combined with the Fibonacci retracement levels as well as the rebound positions during the previous downward process, a price level around $120,350 may become a potential support point worth paying attention to.

This price level may not only provide a relatively safe entry opportunity for short-term traders but could also become a good opportunity for medium to long-term investors to increase their holdings. Of course, before making any investment decisions, a comprehensive analysis should still be conducted in conjunction with other technical indicators and fundamental factors.

It is worth noting that the high volatility of the cryptocurrency market means that any predictions come with uncertainty. Investors should strictly control risks, set reasonable stop-loss levels, and always pay attention to market trends. At the same time, one should be cautious of overly relying on a single technical analysis method and should consider multiple factors to gain more comprehensive market insights.