Bitcoin (BTC) Price Targets $122,000 After Confirming Bullish Trend Continuation: Analysis

A new Bitcoin price analysis confirms that the flagship cryptocurrency is still in a bullish trend after its recent bounce off a key re-accumulation zone.

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A new Bitcoin price analysis has confirmed that the flagship cryptocurrency is still in a bullish trend after its recent bounce off a key re-accumulation zone. With key structural support levels intact and a bullish AB=CD pattern unfolding, analysts are now eyeing a potential surge above $120,000, marking a new all-time high.

Bitcoin Price Targets $122,000 After AB=CD Completion

According to a recent technical analysis report by TradingView crypto analyst, 'Weslad,' Bitcoin is still following a bullish trajectory as it recovers from a recent consolidation phase.

Image Credit: Weslad/TradingView

This optimistic forecast follows the accurate completion of an AB=CD pattern on the BTC chart. The harmonic structure, which was previously identified by the analyst, hinted at significant upside potential.

However, after reaching the anticipated target, Bitcoin’s price has since pulled back into a key re-accumulation zone between $104,000 and $107,000. This move is being described as a healthy correction rather than a reversal.

The present re-accumulation zone is a price range where buyers are again seen to be stepping in. As long as Bitcoin stays inside or above this zone, its market will remain bullish.

At the time of writing, Bitcoin is currently being supported above the $100,000 psychological barrier. The broader market structure is also still intact within an Ascending Channel, further supported by higher timeframe demand zones.

According to the analyst’s analysis, if Bitcoin can hold its price inside the $104,000 – $107,000 range, the cryptocurrency could see a significant increase to the 2.618 Fibonacci Extension level from the last swing low, which is located at around $122,000.

Moreover, breakout above the $112,000 resistance is needed to confirm the next leg of this move, signaling potentially stronger and larger upside momentum.

BTC Set For Major Pullback Before Breakout

As the Bitcoin price approaches the local resistance around $111,000, the analyst warns that the market may face a temporary setback before the continuation of the projected uptrend.

If the price action is rejected at this resistance level, traders should anticipate a potential re-test of the $107,000 – $108,000 region. This area has served as a reliable barrier during the recent consolidation phase and is expected to hold firm in the event of a minor correction.

Most recently, the analyst affirmed that this anticipated corrective move has already concluded, signaling that the market is now poised for the “real growth phase.”

With the base demand zone around $86,000 – $91,000 and strong support around $96,000 – $99,000, Bitcoin’s overall structure remains bullish unless there is a decisive breakdown below $100,000. Until then, all eyes remain on the $112,000 breakout level, which could trigger a potential surge toward the projected $122,000 target.