A local top for Bitcoin (BTC) is the highest price point that BTC reaches before a significant correction or reversal. Some analysts use the Elliott Wave Principle (EWP) to identify and predict the local tops and bottoms of BTC price movements. EWP is a form of technical analysis that financial traders use to analyze market cycles and forecast trends by looking for patterns in prices. EWP states that market prices alternate between an impulsive, or motive phase, and a corrective phase on all time scales of trend. Impulses are always subdivided into a set of five lower-degree waves, while corrections are subdivided into three lower-degree waves. EWP also uses Fibonacci ratios to measure the relationships between the waves.