As a seasoned crypto investor with a knack for spotting trends and a penchant for interpreting technical indicators, I find Weslad’s analysis intriguing and well-grounded. Having weathered multiple market cycles and witnessed Bitcoin’s meteoric rise from its humble beginnings, I am cautiously optimistic about his latest bullish prediction.
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
According to the analysis of Weslad on TradingView, he has revised his Bitcoin prediction, suggesting a potential peak at $105,764 as the crypto market’s bullish trend continues to strengthen. The analyst noted that BTC has now moved into the bull market stage, which is known for significant price spikes and optimistic investor sentiment.
Based on a notable technical pattern called the “Ascending Channel,” he’s made a positive forecast about Bitcoin’s future value. This pattern suggests that the bullish trend will persist. The Ascending Channel is formed by drawing two parallel lines upward, with one line representing the resistance price level where the price may be held back, and the other line representing the support level at which the price may find buying interest if it falls.
Although Weslad maintains a positive perspective on Bitcoin’s price, he advises investors to prepare for a temporary dip to a strategic purchase area, offering a favorable buying opportunity. He has furthermore provided an elaborate chart illustrating a bullish upward trending channel and critical price points that Bitcoin might touch in both the near future and long run.
Overview Of The Analyst’s Bitcoin Price Chart Analysis
In a 4-hour Bitcoin chart, Weslad depicts the digital currency’s price fluctuations as confined within an upward-sloping channel formed by two trendlines. This illustrates that the value of Bitcoin is consistently increasing along these lines. The analyst has outlined a comprehensive plan for reaching his predicted bullish target of $105,764 for the Bitcoin price.
Weslad emphasized that the price range from approximately $91,000 to $92,000 is a “significant area of interest,” serving as robust support where potential buyers might jump in should Bitcoin drop lower. Furthermore, he mentioned that the price point around $94,327.99 has been pinpointed as a “quick buy-back opportunity,” offering an advantageous entry point if Bitcoin experiences any temporary reversal in its value.
The analyst has additionally pointed out $97,537 as a potential quick profit point, implying that traders might want to secure their gains at this crucial temporary price mark. Moreover, he has identified the “mid-term goal” for Bitcoin’s price, noting that the $100,334 mid-term range is significant for investors maintaining longer-term investments.
In summary, Weslad predicts that Bitcoin could potentially reach $105,764, which would represent the peak of this market cycle. To hit this optimistic price prediction, BTC would need a relatively small 6.83% rise from its current value. At the moment of writing, Bitcoin is being traded at around $99,072, representing a 12.73% increase over the last week, as reported by CoinMarketCap.
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2024-11-23 19:16