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A new Bitcoin -Price analysis Confirm that the flagship cryptocurrency is still in a bullish trend after the recent strout of an important racing zone. With important structural support levels intact and a bullish AB = CD pattern that unfolds, analysts are now looking at a potential increase above $ 120,000, what a New High High.
Bitcoin -Price Order is $ 122,000 after completion of AB = CD
By one Technical analysis report By TradingView Crypto analyst Weslad Weslad, Bitcoin accurately follows a well-defined Bullish processPossibly freeing up the road for a wave up to $ 122,000. With BTC now priced at $ 109,747 at the time of writing, achieving this ATH target would represent an increase of 11.17% compared to current levels.
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This optimistic prediction comes on the heels of an accurate one AB = CD pattern On the BTC-graphic and a harmonic structure that previously hinted with a considerably upward potential. The Bitcoin price in particular has since been withdrawn into one Key Recumulation Zone Between $ 104,000 and $ 107,000 – a movement that the analyst described as a healthy correction instead of a reversal.
Weslad has announced that the current Herncumulation zone is a price range in which buyers are supposed to step in again. As long as Bitcoin stays inside or above this zone, the analyst claims that his market will remain Bullish.
Bitcoin is currently acting well to be the crucial Psychological support of $ 100,000Strengthening his bullish position. The wider market structure also remains intact within one Rising channelSupported by the demand zones with a higher time.
According to the analysis of Weslad, the cryptocurrency, if Bitcoin can keep its price firm within $ 104,000 – $ 107,000, a significant increase of the 2,618 Fibonacci extension level near $ 122,000. In addition to this bullish case, an outbreak above the $ 112,000 resistance is also needed to confirm the next stage of this movement, so that a potentially stronger and larger is marked top momentum.
BTC set on a large withdrawal for the outbreak
As the Bitcoin price approaches the local resistance around $ 111,000, Weslad warns that the market can confronted with a temporary obstacle Before the continuation of the projected uptrend. The TradingView Analyst notes that if price action at this resistance level is rejected, traders must anticipate a potential retest of the region $ 107,000- $ 108,000.
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This area has served as a reliable barrier during the recent consolidation phase and is expected to hold firm in the case of a small correction. Weslad recently confirmed that this expected corrective movement has already been completed, indicating that the market is now ready for the ‘real growth phase’.
With the basic demand zone of around $ 86,000 – $ 91,000 and strong support around $ 96,000 – $ 99,000, The overall structure of Bitcoin remains bullish Unless a decisive breakdown occurs less than $ 100,000. Until then, all eyes will remain on the breakout of $ 112,000, which could cause a potential increase in the projected purpose of $ 122,000.
Featured image of Getty Images, Chart van TradingView.com