Bitcoin Price Bounces Off Re-Accumulation Zone: Why $120,000 Could Be Next

2 days ago

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A caller Bitcoin terms analysis confirms that the flagship cryptocurrency is inactive successful a bullish inclination aft its caller bounce disconnected a cardinal re-accumulation zone. With cardinal structural enactment levels intact and a bullish AB=CD signifier unfolding, analysts are present eyeing a imaginable surge supra $120,000, marking a new all-time high.

Bitcoin Price Targets $122,000 After AB=CD Completion

According to a technical investigation report by TradingView crypto expert Weslad, Bitcoin is accurately pursuing a well-defined bullish trajectory, perchance paving the mode for a surge to $122,000. With BTC present priced astatine $109,747 astatine the clip of writing, reaching this ATH people would correspond an 11.17% summation from existent levels.

This optimistic forecast comes connected the heels of an close AB=CD pattern connected the BTC chart—-a harmonic operation that antecedently hinted astatine important upside potential. Notably, the Bitcoin terms has since retraced into a key re-accumulation zone betwixt $104,000 and $107,000 — a determination the expert described arsenic a steadfast correction alternatively than a reversal.

Weslad has disclosed that the contiguous re-accumulation portion is simply a terms scope wherever buyers are believed to beryllium stepping successful again. As agelong arsenic Bitcoin stays wrong oregon supra this zone, the expert asserts that its marketplace volition stay bullish.

Currently, Bitcoin is trading well-above the important psychological enactment of $100,000, reinforcing its bullish position. The broader marketplace operation besides remains intact wrong an Ascending Channel, supported by higher timeframe request zones.

According to Weslad’s analysis, if Bitcoin tin firmly clasp its terms wrong the $104,000 – $107,000 range, the cryptocurrency could spot a important summation to the 2.618 Fibonacci Extension level adjacent $122,000. Adding to this bullish case, a breakout supra the $112,000 absorption is besides needed to corroborate the adjacent limb of this move, marking a perchance stronger and larger upside momentum.

BTC Set For Major Pullback Before Breakout

As the Bitcoin terms approaches the section absorption astir $111,000, Weslad warns that the marketplace whitethorn face a impermanent hurdle earlier the continuation of the projected uptrend. The TradingView expert notes that if terms enactment is rejected astatine this absorption level, traders should expect a imaginable re-test of the $107,000 – $108,000 region.

This country has served arsenic a reliable obstruction during the caller consolidation signifier and is expected to clasp steadfast successful the lawsuit of a insignificant correction. Most recently, Weslad affirmed that this anticipated corrective determination has already concluded, signaling that the marketplace is present poised for the “real maturation phase.”

With the basal request portion astir $86,000 – $91,000 and beardown enactment astir $96,000 – $99,000, Bitcoin’s wide operation remains bullish unless a decisive breakdown beneath $100,000 occurs. Until then, each eyes stay connected the $112,000 breakout level, which could trigger a imaginable surge toward the projected $122,000 target.