Another thing that this move highlights is the fact that the recent declines have all been a healthy retest phase for Bitcoin. If this is the case, then the declines were not a reversal, but simply a healthy correction that could lend more strength to the next bounce.
For now, the major levels of interest lie between $92,000 and $101,000, which have held quite nicely during the recent drawdown. This makes it an important support level for the next move, and bulls must maintain their hold at these targets to keep the bullish momentum going.
If this level holds, then the crypto analyst sees the Bitcoin price going on another rally. In this case, the price would more than double. The first target for the expansion wave lies as high as $142,000-$190,000. However, there is the possibility of further expansion, putting the digital asset as high as $297,092 at the very peak.
“As long as price holds above the defined demand areas, the long-term outlook remains decisively bullish,” Weslad explained. “Corrections within this channel are accumulation opportunities, not signs of weakness.”
