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After the initial decline, Bitcoin appears to be showing some strength as bullish momentum begins to strengthen again. At this point, the likelihood of a rapid price increase stays high, especially as players on this area prepare for the subsequent uptrend. With this in mind, crypto analyst Weslad has predicted that Bitcoin price could actually double in the subsequent wave, especially because the macro bullish structure stays firmly entrenched.
Why Bitcoin is heading towards $200,000
The evaluation focused on Bitcoin's macro bullish structure, which has held strong even through multiple market crashes. This bullish macro structure pushed the value above the critical and immediate demand zone and showed tremendous strength after the initial plunge below $100,000.
So far, the cryptocurrency has entered a state of consolidation again, but this isn’t a cause for concern because the crypto analyst doesn’t expect the consolidation to last for long. Rather, Weslad believes that this consolidation is acting as a type of “natural pause,” but Bitcoin price continues to maneuver throughout the broader uptrend.
Another thing this move highlights is the undeniable fact that the recent declines have all been a healthy retesting period for Bitcoin. If that is the case, then the declines weren’t a reversal, but simply a healthy correction that might add more strength to the subsequent upswing.
Source: TradingView
Currently, key interest levels are between $92,000 and $101,000, which have held up quite well in the course of the recent decline. That's what makes it one vital support level for the subsequent step, and the Bulls need to take care of these goals to remain Maintain the upward momentum.
If this level is held, the crypto analyst expects the Bitcoin price to rise again. In this case the value would greater than double. The initial goal for the expansion wave is $142,000 to $190,000. However, there’s a possibility of further expansion, with the digital asset reaching a price of $297,092 at its peak.
When this move could happen, the analyst's chart shows a possible start at the tip of 2025, with the actual move going down next yr. Thus, the majority of the move would take up more of 2026 after which the height is predicted to be reached sometime in August.
“As long as the value stays above defined demand ranges, the long-term outlook stays decidedly optimistic,” Weslad explained. “Corrections inside this channel are accumulation opportunities, not signs of weakness.”
BTC price continues to fluctuate | Source: BTCUSD on Tradingview.com
Featured image by Dall.E, chart by TradingView.com
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