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A brand new Bitcoin price analysis confirms that the flagship cryptocurrency remains to be in a bullish pattern after its current bounce off a key re-accumulation zone. With key structural help ranges intact and a bullish AB=CD sample unfolding, analysts at the moment are eyeing a possible surge above $120,000, marking a new all-time high.
Bitcoin Value Targets $122,000 After AB=CD Completion
Based on a technical analysis report by TradingView crypto analyst Weslad, Bitcoin is precisely following a well-defined bullish trajectory, probably paving the best way for a surge to $122,000. With BTC now priced at $109,747 on the time of writing, reaching this ATH goal would symbolize an 11.17% improve from present ranges.
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This optimistic forecast comes on the heels of an correct AB=CD pattern on the BTC chart—-a harmonic construction that beforehand hinted at vital upside potential. Notably, the Bitcoin worth has since retraced right into a key re-accumulation zone between $104,000 and $107,000 — a transfer the analyst described as a wholesome correction fairly than a reversal.
Weslad has disclosed that the current re-accumulation zone is a worth vary the place consumers are believed to be stepping in once more. So long as Bitcoin stays inside or above this zone, the analyst asserts that its market will stay bullish.
At the moment, Bitcoin is buying and selling well-above the essential psychological support of $100,000, reinforcing its bullish place. The broader market construction additionally stays intact inside an Ascending Channel, supported by increased timeframe demand zones.
Based on Weslad’s evaluation, if Bitcoin can firmly maintain its worth throughout the $104,000 – $107,000 vary, the cryptocurrency might see a major improve to the two.618 Fibonacci Extension stage close to $122,000. Including to this bullish case, a breakout above the $112,000 resistance can also be wanted to verify the subsequent leg of this transfer, marking a probably stronger and bigger upside momentum.
BTC Set For Main Pullback Earlier than Breakout
Because the Bitcoin worth approaches the native resistance round $111,000, Weslad warns that the market could face a temporary hurdle earlier than the continuation of the projected uptrend. The TradingView analyst notes that if worth motion is rejected at this resistance stage, merchants ought to anticipate a possible re-test of the $107,000 – $108,000 area.
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This space has served as a dependable barrier in the course of the current consolidation section and is predicted to carry agency within the occasion of a minor correction. Most lately, Weslad affirmed that this anticipated corrective transfer has already concluded, signaling that the market is now poised for the “actual progress section.”
With the bottom demand zone round $86,000 – $91,000 and robust help round $96,000 – $99,000, Bitcoin’s overall structure remains bullish until a decisive breakdown beneath $100,000 happens. Till then, all eyes stay on the $112,000 breakout stage, which might set off a possible surge towards the projected $122,000 goal.
Featured picture from Getty Photos, chart from Tradingview.com