Bitcoin is looking bullish, according to recent analysis. After a healthy correction, it’s poised for a potential price surge.
A Bullish Forecast
A crypto analyst, Weslad, predicts Bitcoin could hit $122,000. That’s an 11% jump from its current price. This prediction is based on a technical pattern called an AB=CD, which has historically indicated significant price increases.
The recent price dip brought Bitcoin into a “re-accumulation zone” between $104,000 and $107,000. Weslad sees this as a positive sign, suggesting buyers are stepping back in. As long as Bitcoin stays above this zone, the bullish trend should continue.
Key Support Levels and Resistance
Bitcoin is currently trading well above the crucial $100,000 support level. The overall market structure also looks good, sitting within an ascending channel.
If Bitcoin stays above $104,000-$107,000, it could reach the $122,000 mark (a Fibonacci Extension level). However, a breakout above $112,000 is needed to confirm this next leg up.
Potential Setback Before the Surge
Before the big jump, there might be a minor pullback. If Bitcoin hits resistance around $111,000 and fails to break through, it could retest the $107,000-$108,000 support area. This is seen as a temporary correction, not a reversal of the overall bullish trend.
Strong support levels exist around $86,000-$91,000 and $96,000-$99,000. As long as Bitcoin stays above $100,000, the bullish outlook remains intact. The $112,000 breakout level is the key to watch; a break above it could trigger a move towards $122,000.
