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A crypto analyst who accurately predicted Bitcoin’s price rise to the $99,000 All-Time High (ATH) has just released a more detailed analysis of his prediction. The analyst shared a chart highlighting crucial technical indicators and price movements that indicate the cryptocurrency could be prepare for an even higher ATH.
Analyst expects $105,000 as the next price target
Weslad, a TradingView analyst, did just that increased his Bitcoin price forecast, predicting the next upside target of $105,764 as the bull run in the crypto market gains momentum. The analyst reported that BTC has officially entered the market phase of the bull marketcharacterized by explosive price increases and positive market sentiment.
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His recent bullish Bitcoin price prediction is based on an important technical pattern known as the “Ascending channel”, indicating a continuation of the bullish trend. This chart pattern consists of two ascending trend lines drawn parallel to each other, representing the resistance and support price levels respectively.
Despite his optimistic outlook for the BTC priceWeslad has revealed that investors should anticipate a corrective move towards the immediate buyback zone, which would provide an optimal entry point for opportunistic buyers. The analyst also shared a detailed price chart that highlights the bullish rising channel and key price levels that Bitcoin could reach in the short and long term.
Overview of the analyst’s Bitcoin price chart analysis
In his 4 hours Bitcoin chartWeslad visualizes the cryptocurrency’s price action within a rising channel, highlighting that BTC is moving upward within two trend lines. The analyst provided a detailed roadmap for his $105,764 bullish target for Bitcoin price.
Weslad highlighted the price range between $91,000 and $92,000 as a “key demand zone,” which acts as strong support where buyers are likely to intervene if BTC slips further. He also revealed that the $94,327.99 price level has been identified as an “instant buyback zone,” which also serves as an optimal entry point if BTC experiences any problems. corrective withdrawal in its price.
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The analyst also highlighted $97,537 as the “immediate profit target,” suggesting traders could consider locking in their profits at this crucial near-term price level. He also set the “medium-term target” for the Bitcoin price, emphasizing that the medium-term level of $100,334 is important for investors who take longer positions.
Finally, Weslad has highlighted $105,764 as the “projected end target” for Bitcoin, indicating that this could be the ultimate target for the current market cycle. For BTC to achieve this bullish price target, it would only need a modest 6.83% increase from its current value. At the time of writing, the price of Bitcoin is trading at $99,072, marking an increase of 12.73% in the past seven days, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com