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A crypto analyst who accurately predicted bitcoin's price rise to the all-time high of $99,000 (ATH) has just published a more detailed analysis of his prediction. The analyst shared a chart that highlights crucial technical indicators and price movements that suggest the cryptocurrency could be preparing for an even higher ATH.
One analyst projects $105,000 as the next price target
Weslad, a TradingView analyst, has<a target="_blank" href="https://www.tradingview.com/chart/BTCUSDT/4XXUwCWk-bitcoin-BULLRUN-is-melting-faces/”> increase his bitcoin price forecast, predicting the next bullish target at $105,764 as the crypto market bull run gains momentum. The analyst reported that btc has officially entered the bull market phasecharacterized by explosive price increases and positive market sentiment.
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Your recent bullish bitcoin price prediction is based on a key technical pattern known as “Ascending channel” indicating a continuation of the bullish trend. This chart pattern consists of two ascending trend lines drawn parallel to each other, representing resistance and support price levels, respectively.
Despite his optimistic outlook for the btc priceWeslad has revealed that investors should anticipate a corrective movement towards the immediate repurchase zone, which would provide an optimal entry point for opportunistic buyers. The analyst also shared a detailed price chart highlighting the bullish ascending channel and key price levels that bitcoin could reach in the short and long term.
Analyst bitcoin Price Chart Analysis Overview
In his 4 hours bitcoin chartWeslad visualizes the cryptocurrency's price action within an ascending channel, highlighting that btc is moving up within two trend lines. The analyst has provided a detailed roadmap for his $105,764 investment. bullish target for bitcoin price.
Weslad highlighted the price range between $91,000 and $92,000 as an “important demand zone,” which acts as <a target="_blank" href="https://bitcoinist.com/bitcoin-price-rally-shows-signs-of-correction/amp/” rel=”nofollow”>strong support where buyers are likely to step in if btc falls further. He also revealed that the $94,327.99 price level has been identified as an “immediate repurchase zone,” which also serves as an optimal entry point if btc experiences any issues. <a target="_blank" href="https://bitcoinist.com/bitcoin-at-risk-of-deeper-correction/amp/” rel=”nofollow”>corrective retreat in its price.
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The analyst has also highlighted $97,537 as the “immediate profit target,” suggesting that traders may consider locking in profits at this critical price level in the short term. He has also noted the “medium-term target” for the price of bitcoin, highlighting that the medium-term level of $100,334 is important for <a target="_blank" href="https://bitcoinist.com/bitcoin-long-term-holders-hold-78-of-supply-highest/amp/” rel=”nofollow”>investors holding longer positions.
Lastly, Weslad has highlighted $105,764 as the “projected final target” for bitcoin, indicating that this may be the final target for the current market cycle. For btc to reach this bullish price target, it would only require a modest 6.83% increase from its current value. At the time of writing, the price of bitcoin It is trading at $99,072, up 12.73% over the past seven days, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
