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A crypto analyst who accurately forecasted the Bitcoin price increase 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 suggest the cryptocurrency could be gearing up for an even higher ATH.
Analyst Projects $105,000 As The Next Price Target
Weslad, a TradingView analyst, has raised his Bitcoin price forecast, predicting the next upside target at $105,764 as the crypto market bull run gains momentum. The analyst reported that BTC has officially entered the bull market phase, characterized by explosive price increases and positive market sentiment.
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His recent bullish prediction of the Bitcoin price is grounded on a key technical pattern known as the “Ascending Channel,” which indicates a bullish trend continuation. This chart pattern consists of two upward-sloping trend lines drawn parallel to each other, representing the resistance and support price levels, respectively.
Despite his optimistic outlook for the BTC price, Weslad has revealed that investors should anticipate a corrective move toward the immediate buy-back zone, which would provide an optimal entry point for opportunistic buyers. The analyst has also shared a detailed price chart that highlights the bullish ascending channel and key price levels that Bitcoin could reach in the short-term and long-term.
Overview Of The Analyst’s Bitcoin Price Chart Analysis
In his 4-hour Bitcoin chart, Weslad visualizes the cryptocurrency’s price action within an ascending channel, highlighting that the BTC is moving upwards within two trendlines. The analyst has provided a detailed roadmap for his $105,764 bullish target for the Bitcoin price.
Weslad highlighted the price range between $91,000 and $92,000 as an “important demand zone,” which acts as strong support where buyers are likely to step in if BTC slips any further. He also revealed that the price level at $94,327.99 has been identified as an ”immediate buy-back zone,” which also serves as an optimal entry point if BTC experiences any corrective pullback 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 short-term price level. He has also pinpointed the “mid-term target” for the Bitcoin price, highlighting that the $100,334 mid-term level is important for investors holding longer positions.
Lastly, Weslad has highlighted $105,764 as the “projected final target” for Bitcoin, indicating that this may be the ultimate target for the present market cycle. For BTC to reach this bullish price target, it would require only a modest 6.83% increase from its current value. As of writing, the price of Bitcoin is trading at $99,072, marking a 12.73% increase over the past seven days, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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