Bitcoin enters Wave V with all weekly EMAs trending upward and RSI maintaining bullish strength above the critical 50 level.
Technical projections suggest a potential $185,000 target if Wave V mirrors the magnitude of the previous Wave III expansion.
On-chain sentiment remains positive, as long-term holders show confidence and selling pressure stays limited during Bitcoin’s upward structure.
Bitcoin has officially re-entered price discovery territory, reigniting investor interest and prompting a reevaluation of its long-term market trajectory.
Bitcoin Enters Wave V as Bullish Structure Holds
According to crypto analyst Darkfost , Bitcoin is currently in Wave V of its macro cycle.This phase comes after the previous bear market, with the broader uptrend displaying some relative strength. The weekly chart is still constructive, and major exponential moving averages (21, 50, and 200-week EMAs) still have upward momentum.
The 50-week EMA historically has been dynamic support on the way down. It is still behaving in the same way, as the trendline is still intact. This price action suggests Bitcoin's long-term bullish trajectory has not been interrupted. Furthermore, the weekly Relative Strength Index (RSI) is still above 50, which is an area many consider to be buyer-friendly.
While this bullish trend persists, Darkfost notes that a bearish divergence is forming on the daily timeframe. This development could introduce short-term volatility, even as the larger cycle progresses.
Wave Projection Points to Expansion Phase Toward $185K
Darkfost’s analysis underlines that Wave V has already exceeded the length of Wave I, a key marker suggesting Bitcoin is entering an expansion phase. This stage tends to bring rapid price appreciation and greater market activity.
Though exact targets remain uncertain in such phases, technical projections provide a potential guide. If Wave V were to match the length of Wave III, Bitcoin could target levels around $185,000. This figure is not guaranteed but offers a reference point based on historical price movements within the cycle framework.
Still, several intermediate resistance levels—already marked in red on the chart—may slow momentum as the price approaches those areas. These zones could act as natural pauses or pullback areas as traders reassess short-term conditions.
On-Chain Signals Reflect Bullish Market Sentiment
Beyond technical indicators, market sentiment and behavior visible in on-chain metrics support the broader outlook. Selling pressure appears moderate, with long-term holders showing no urgency to exit positions.
The combination of stable EMAs, an RSI that is starting to rise, and strong trendline support is compelling for Bitcoin traders to view Bitcoin as still in a primary bullish phase. Although daily timeframe divergences deserve to be explored from a risk perspective, the larger market structure is still intact.
As price discovery continues, analysts and investors are closely monitoring both market structure and sentiment trends at this critical juncture.
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