Analyst Predicts Bitcoin Price Could Reach $105,764 Next
A crypto analyst known for accurately predicting Bitcoin's price rise to $99,000 has released a detailed analysis suggesting potential further increases. The analysis includes a chart that highlights key technical indicators and price movements indicating the cryptocurrency may be preparing for a new All-Time High.
Analyst Projects $105,000 As The Next Price Target
Weslad, a TradingView analyst, has raised his forecast for Bitcoin, predicting an upside target of $105,764 as the crypto market experiences a bull run. He stated that BTC has officially entered a bull market phase, characterized by significant price increases and positive sentiment.
His bullish outlook is based on the “Ascending Channel” pattern, indicating a continuation of the bullish trend. This pattern features two upward-sloping trend lines representing resistance and support levels.
Despite the optimistic outlook for BTC price, Weslad cautioned investors to expect a corrective move towards a buy-back zone, providing an optimal entry point for buyers. A detailed price chart has been shared, highlighting the bullish ascending channel and key price levels for Bitcoin in both the short and long term.
Overview Of The Analyst’s Bitcoin Price Chart Analysis
Weslad's 4-hour Bitcoin chart illustrates the cryptocurrency’s price action within an ascending channel, showing upward movement between two trendlines. He outlined a roadmap for achieving the $105,764 bullish target.
The price range of $91,000 to $92,000 is noted as an “important demand zone,” acting as strong support where buying interest may increase if BTC declines. Additionally, the price level of $94,327.99 is marked as an “immediate buy-back zone,” serving as an optimal entry point during any corrective pullback.
Weslad identified $97,537 as the “immediate profit target,” recommending traders consider taking profits at this critical short-term level. The “mid-term target” for Bitcoin is set at $100,334, which is important for longer-term investors.
Finally, Weslad established $105,764 as the “projected final target” for Bitcoin, indicating it may represent the ultimate target for the current market cycle. Achieving this target would require a modest 6.83% increase from its current value. As of now, the price of Bitcoin is at $99,072, reflecting a 12.73% increase over the past week, according to CoinMarketCap.
