Bitcoin has re-entered price discovery, signaling a significant phase in its macro cycle with technicals and sentiment aligning for potential growth.
Wave V is underway, supported by upward-trending weekly EMAs and a bullish RSI, indicating sustained momentum in the cryptocurrency market.
According to COINOTAG sources, on-chain data reveals strong confidence among long-term holders, with limited selling pressure reinforcing Bitcoin’s upward trajectory.
Bitcoin’s Wave V surge shows bullish momentum with key technicals and on-chain sentiment pointing toward a possible $185K target in the current price discovery phase.
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Bitcoin’s recent movement into Wave V marks a critical juncture in its macro cycle, characterized by a robust bullish structure. The weekly exponential moving averages (EMAs) — specifically the 21, 50, and 200-week EMAs — continue to trend upward, reinforcing the strength of the current rally. Additionally, the weekly Relative Strength Index (RSI) remains above the pivotal 50 level, a threshold widely regarded by traders as a sign of sustained buying pressure. This combination of technical indicators suggests that Bitcoin’s long-term bullish momentum remains intact, despite minor fluctuations on shorter timeframes.
Technical analysis points to Wave V surpassing the length of Wave I, a hallmark of an expansion phase that historically correlates with accelerated price appreciation. If Wave V mirrors the magnitude of the previous Wave III, Bitcoin’s price could potentially reach approximately $185,000. While this target is not definitive, it provides a valuable benchmark for investors and traders assessing Bitcoin’s growth trajectory. It is important to note that intermediate resistance levels exist, which may introduce temporary pauses or corrections as the market digests gains and recalibrates momentum.
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Source: https://en.coinotag.com/bitcoin-enters-wave-v-with-potential-for-expansion-toward-185k-amid-bullish-technicals-and-sentiment/