Bitcoin’s price trajectory is showing strong bullish momentum after bouncing off a crucial re-accumulation zone, with technical analysis pointing to a potential surge toward $122,000. This analysis aligns with recent predictions based on the golden cross pattern that showed an 87% success rate for reaching $120,000.
Technical Analysis Confirms Bullish Structure
According to TradingView analyst Weslad, Bitcoin is maintaining its bullish structure after finding support in the $104,000-$107,000 re-accumulation zone. Currently trading at $109,747, BTC remains well-positioned above the psychological $100,000 level, suggesting strong market confidence.
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Key Price Levels to Watch
The analysis highlights several critical price levels:
- Current Support Zone: $104,000 – $107,000
- Major Resistance: $112,000
- Target Price: $122,000 (2.618 Fibonacci Extension)
- Base Demand Zone: $86,000 – $91,000
AB=CD Pattern Suggests Further Upside
The completion of a bullish AB=CD pattern on Bitcoin’s chart reinforces the positive outlook. This harmonic pattern, combined with the broader ascending channel structure, suggests that Bitcoin’s position remains strong as it tests new all-time highs.
Potential Pullback Scenario
While the overall trend remains bullish, traders should be prepared for a possible retest of the $107,000-$108,000 region if resistance at $111,000 proves challenging. However, this would likely represent a healthy correction rather than a trend reversal.
FAQ
Q: What makes the current Bitcoin rally sustainable?
A: The presence of strong support levels, healthy re-accumulation patterns, and technical indicators like the AB=CD pattern suggest this rally has solid fundamentals.
Q: What could prevent Bitcoin from reaching $122,000?
A: A decisive break below $100,000 or failure to maintain support at the current re-accumulation zone could delay or prevent reaching the target.
Q: When might Bitcoin reach the $122,000 target?
A: While exact timing is impossible to predict, the completion of the current consolidation phase and breakout above $112,000 would be key indicators for timing the move.