Bitcoin Price Analysis: Surge Towards $120,000 Likely After Rebound

Bitcoin is trending upward after bouncing off a key re-accumulation zone, with analysts eyeing a potential rise to $120,000. Current price sits at $109,747, needing to hold above $104,000 – $107,000 to maintain bullish sentiment. Watch for local resistance around $112,000 that could confirm further upward movement, although a minor pullback around $111,000 is also a possibility.

Recent analysis suggests that Bitcoin may still be in a bullish trend, having recently bounced off a crucial re-accumulation zone. Analysts seem optimistic, as they point towards key structural supports and a bullish AB=CD pattern formation, indicating that Bitcoin could climb to new heights around $120,000. This fascinating pivot raises expectations regarding the cryptocurrency’s next moves in the market.

In a report from TradingView, analyst Weslad outlines that Bitcoin’s price could hit $122,000 following its well-defined bullish path. Currently, Bitcoin is trading at approximately $109,747, which underscores that reaching this all-time high would mean an 11.17% increase from its present value. The AB=CD pattern observed on BTC’s charts aligns with this bullish trajectory, showing previous signs of upside potential and reinforcing confidence.

Weslad further notes that Bitcoin’s recent price correction—a retreat into the re-accumulation zone between $104,000 and $107,000—is indeed a healthy sign rather than a shift in trend. This area is crucial as it seems there are buyers stepping back into the market. If Bitcoin can maintain its position above this zone, the market’s bullish outlook remains intact, which could be vital for future momentum.

Currently, Bitcoin is holding well above the psychological threshold of $100,000, which adds further strength to its optimistic market stance. The broader structural behaviour, framed within an Ascending Channel, sits in tandem with the demand zones on higher timeframes, providing additional context for traders.

According to Weslad, if Bitcoin can sustain its price within the $104,000 – $107,000 range, then a leap to the 2.618 Fibonacci Extension target at around $122,000 is on the cards. However, to confirm this anticipated upward move, Bitcoin needs to break through the local resistance around $112,000, which will indicate that stronger bullish momentum is likely.

Caution might be prudent, though. As Bitcoin inches closer to this local resistance, Weslad advises that there could be a temporary setback. Should Bitcoin’s price encounter resistance at the $111,000 mark, it may dip back to re-test the $107,000 – $108,000 territory, where support has been previously confirmed.

Most recently, Weslad indicated that the expected correction may have already reached its conclusion. This suggests that Bitcoin is now gearing up for what he describes as the “real growth phase.” The base demand zones between $86,000 and $91,000, accompanied by support around $96,000 – $99,000, bolster the overall bullish case, provided Bitcoin doesn’t dip below the critical $100,000 level. In the meantime, all eyes will be on the proposed breakout level at $112,000, as this could trigger the anticipated surge towards the target of $122,000.