A new price analysis of $BTC confirms that the leading cryptocurrency is still in an upward trend after its recent jump from a key re-accumulation zone. With structural support levels intact and an upward AB=CD pattern unfolding, analysts are now eyeing a potential increase above $120,000, marking a new all-time high.
According to a technical analysis report from TradingView cryptocurrency analyst Weslad, the $BTC is accurately following a well-defined upward trajectory, potentially paving the way for a rise to $122,000. With BTC now priced at $109,747 at the time of writing, reaching this ATH target would represent an 11.17% increase from current levels. This optimistic forecast comes in the wake of an accurate AB=CD pattern on the BTC chart — a harmonic structure that previously suggested significant bullish potential.
Notably, the price of Bitcoin has retraced to a key re-accumulation zone between $104,000 and $107,000 — a move that the analyst described as a healthy correction rather than a reversal. Weslad revealed that the current re-accumulation zone is a price range where buyers are believed to be entering again. As long as the $BTC remains within or above this zone, the analyst states that its market will remain bullish.
Currently, Bitcoin is trading well above the crucial psychological support of $100,000, reinforcing its bullish position. The broader market structure also remains intact within an Ascending Channel, supported by higher timeframe demand zones. According to Weslad's analysis, if Bitcoin can firmly maintain its price within the $104,000 – $107,000 range, the cryptocurrency may see a significant increase toward the Fibonacci Extension level of 2.618 close to $122,000.
Adding to this bullish case, a break above the resistance of $112,000 is also needed to confirm the next stage of this move, marking a potential stronger and larger bullish impulse. As the price of Bitcoin approaches the local resistance around $111,000, Weslad warns that the market may face a temporary hurdle before the continuation of the projected upward trend.
The TradingView analyst notes that if price action is rejected at this resistance level, traders should anticipate a potential retest of the $107,000 – $108,000 region. This area served as a reliable barrier during the recent consolidation phase and is expected to hold firm in the event of a minor correction. More recently, Weslad stated that this anticipated corrective move has already been completed, signaling that the market is now ready for the 'real growth phase'.
With the base demand zone around $86,000 – $91,000 and strong support around $96,000 – $99,000, the overall structure of Bitcoin remains bullish unless a decisive break below $100,000 occurs. Until then, all eyes remain on the breakout level of $112,000, which could trigger a potential increase towards the projected target of $122,000.
