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A crypto analyst who accurately predicted Bitcoin’s price increase to the all-time high of $99,000 (ATH) has just published a more detailed analysis of his prediction. The analyst shared a chart highlighting the crucial elements technical indicators and price movements suggesting the cryptocurrency could be prepare for an even higher ATH.
Analyst projects $105,000 as next price target
Weslad, a TradingView analyst, raised its Bitcoin price forecast, predicting the next upside target at $105,764 as the crypto market rally 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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Recent sound bullish Bitcoin price prediction is based on a key technical model known as “Ascending channel», which indicates a continuation of the upward trend. This chart pattern consists of two ascending trend lines parallel to each other, representing resistance and support price levels, respectively.
Despite his optimistic outlook towards the BTC PriceWeslad revealed that investors should expect a corrective movement towards the immediate buyout zone, which would constitute an optimal entry point for opportunistic buyers. The analyst also shared a detailed price chart that highlights the bullish ascending channel and the key price levels Bitcoin could reach in the short and long term.
Analyst’s Bitcoin Price Chart Analysis Overview
In its 4 hours Bitcoin ChartWeslad visualizes the cryptocurrency’s price action in an ascending channel, highlighting that BTC is moving upward along two trend lines. The analyst 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 a “significant demand area,” which serves as a “significant demand area.” strong support where buyers are likely to step in if BTC continues to fall. It also revealed that the $94,327.99 price level has been identified as an “immediate buyback zone,” which also serves as an optimal entry point if BTC struggles. corrective removal in its price.
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The analyst also highlighted $97,537 as an “immediate profit target,” suggesting traders could consider locking in profits at this critical price level in the near term. He also identified the “medium-term target” for Bitcoin price, emphasizing that the mid-term level of $100,334 is important for investors holding longer positions.
Finally, Weslad highlighted $105,764 as the “projected end goal” for Bitcoin, indicating that it could be the ultimate target for the current market cycle. For BTC to reach this bullish price target, it would only take a modest 6.83% increase from its current value. At the time of writing, the price of Bitcoin is trading at $99,072, an increase of 12.73% over the past seven days, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
