In a significant development in the cryptocurrency market, a renowned crypto analyst has released a comprehensive analysis that builds on his previous accurate forecast of Bitcoin’s rise to a $99,000 All-Time High (ATH). The analyst’s latest insights delve into technical indicators and price movements, suggesting that Bitcoin could be on the verge of reaching even higher price levels.
Analyst Projects $105,000 As The Next Price Target
Weslad, a well-regarded TradingView analyst, has revised his Bitcoin price forecast, setting a new upside target of $105,764. This prediction comes as the cryptocurrency market experiences a bullish surge, characterized by substantial price increases and widespread positive sentiment among investors.
Understanding the Ascending Channel Pattern
Weslad’s optimistic forecast is anchored in the “Ascending Channel” technical pattern, which signifies a continuation of the bullish trend. This pattern is formed by two upward-sloping parallel trend lines, representing resistance and support levels, respectively.
While the outlook remains positive, Weslad advises investors to be prepared for a potential corrective phase towards an “immediate buy-back zone,” which could offer strategic entry points for astute buyers. His detailed chart analysis outlines these crucial levels that Bitcoin might attain in both the short and long term.
Overview Of The Analyst’s Bitcoin Price Chart Analysis
Weslad’s 4-hour Bitcoin chart provides a visual representation of the cryptocurrency’s upward trajectory within the ascending channel. This analysis offers a structured roadmap toward the bullish $105,764 target.
Key Price Levels to Watch
The analyst identifies the price range between $91,000 and $92,000 as a vital “demand zone,” which serves as a robust support level. Buyers are anticipated to intervene if Bitcoin’s price dips within this zone. Additionally, the $94,327.99 mark is highlighted as an “immediate buy-back zone,” offering a potential entry point during any price corrections.
For traders seeking to lock in short-term gains, Weslad points to $97,537 as the “immediate profit target.” For those with a longer investment horizon, the $100,334 level is considered a significant “mid-term target.”
Final Target and Market Context
Weslad’s analysis culminates in the “projected final target” of $105,764 for Bitcoin, suggesting this could be the pinnacle for the current market cycle. Achieving this price level would necessitate a modest 6.83% increase from Bitcoin’s current value. As of now, Bitcoin is trading at $99,072, reflecting a remarkable 12.73% increase over the past week, according to CoinMarketCap.
