After the initial drawdown, Bitcoin looks to be showing some strength as bullish momentum begins to pile up again. At this point, the possibility that the price will rise rapidly remains high, especially as players in the space look to be preparing for the next upward move. In this same vein, crypto analyst Weslad has predicted that the Bitcoin price could actually double in the next wave, especially as the macro bullish structure continues to remain firmly in place.
Why Bitcoin Is Headed About $200,000
The analysis focused on the macro bullish structure of Bitcoin that has held up even through the multiple market crashes. This bullish macro structure put the price above the critical and immediate demand zones, showing immense strength after the initial plunge below $100,000.
So far, the cryptocurrency has moved back into a state of consolidation, but this is no cause for alarm as the crypto analyst does not expect the consolidation to last long. Rather, Weslad believes that this consolidation is acting as a form of “natural pause”, but the Bitcoin price continues to move within the broader uptrend.
Another thing that this move highlights is the fact that the recent declines have all been a healthy retest phase for Bitcoin. If this is the case, then the declines were not a reversal, but simply a healthy correction that could lend more strength to the next bounce.
For now, the major levels of interest lie between $92,000 and $101,000, which have held quite nicely during the recent drawdown. This makes it an important support level for the next move, and bulls must maintain their hold at these targets to keep the bullish momentum going.
If this level holds, then the crypto analyst sees the Bitcoin price going on another rally. In this case, the price would more than double. The first target for the expansion wave lies as high as $142,000-$190,000. However, there is the possibility of further expansion, putting the digital asset as high as $297,092 at the very peak.
As for when this move could happen, the analyst’s chart shows a possible start at the end of 2025, with the real move occurring next year. Thus, the majority of the move would take a larger part of 2026 to play out, and then the top is expected to be hit sometime in August.
“As long as price holds above the defined demand areas, the long-term outlook remains decisively bullish,” Weslad explained. “Corrections within this channel are accumulation opportunities, not signs of weakness.”
Featured image from Dall.E, chart from TradingView.com
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