A crypto strategist who accurately predicted Bitcoin’s drop below $80,000 is confident that the long-term uptrend for BTC will persist if it remains above a critical price level.
In a recent strategy session, the pseudonymous analyst Cheds shared with his 49,800 YouTube followers that Bitcoin seems to have successfully completed a breakout from a W pattern on the four-hour chart.
The W pattern is generally considered a bullish reversal configuration, indicating that an asset has established a price floor after rebounding from a significant support level on two occasions.
“We experienced a breakout of the W, followed by a throwback, which serves as a bullish retest from above. This scenario looks promising, and this type of price movement suggests to me, ‘Alright, we could be approaching $72,000 sooner rather than later.’
“What gave me some confidence was a shift in the equities market and the fact that the price was at the MA (moving average) 50, which has been a reliable support.”
Cheds also notes that Bitcoin is likely to see higher valuations as long as its immediate support range between $78,500 and $81,000 holds steady.
“If we can regain $81,000, we’re back on track… Once above $81,000, we’ll have the chance to reclaim that low time frame pivot aligned with the high time frame support at the MA50, and I believe the bulls will reclaim the trend, particularly the ascending MA200.”
As of this writing, Bitcoin is trading at $85,301.
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