Technical analysis suggests Bitcoin has entered the powerful Wave V phase of its market cycle, characterized by a robust bullish structure. Key indicators such as weekly moving averages (EMAs) and the Relative Strength Index (RSI) currently reinforce this sustained upward momentum.
The structure of Wave V is projected to potentially surpass the magnitude of Wave I. Chart analysis based on this Elliot Wave progression indicates Bitcoin could reach an approximate peak price target of $185,000 during this cycle.
Supporting the optimistic technical outlook, on-chain metrics reveal long-term Bitcoin holders are systematically maintaining and accumulating positions. This sustained holding behaviour signals strong underlying market conviction and confidence in the cryptocurrency’s ongoing upward trajectory.
Despite facing typical short-term market pressures, the technical framework for Bitcoin’s entry into Wave V remains fundamentally constructive. Both favorable on-chain holder activity and technical indicators continue to underpin analysts’ positive long-term outlook.