Crypto Strategist Predicts Bitcoin's Bullish Trend Towards $72,000

A prominent crypto strategist, known for accurately predicting Bitcoin’s decline below $80,000, has expressed optimism about the cryptocurrency’s long-term prospects. The analyst, who goes by the pseudonym Cheds, believes that Bitcoin’s uptrend will remain intact as long as it stays above a crucial price area. In a recent strategy session, Cheds shared his insights with his 49,800 YouTube subscribers, highlighting a W pattern on the four-hour chart, which is typically seen as a bullish reversal structure. This pattern suggests that Bitcoin has established a price floor after bouncing from a key support level twice.

Cheds noted that the breakout of the W pattern, followed by a bullish retest from above, indicates a potential move towards $72,000. He also mentioned that a shift in equities markets and the price being at the 50-day moving average (MA50) provided additional confidence in his analysis. According to the analyst, Bitcoin is likely to see higher prices as long as its immediate support level between $78,500 and $81,000 holds. Regaining the $81,000 level would signal that the bulls are recapturing the trend, which aligns with the rising 200-day moving average (MA200).

The analyst’s forecast is based on the current price action and technical indicators, which suggest a bullish outlook for Bitcoin. However, it is important to note that this is a prediction and not a guarantee of future performance. Investors should conduct their own research and exercise caution when making high-risk investments in cryptocurrencies.