Crypto Analyst Says Bitcoin Back in Business, Calls for BTC Uptrend if One Support Level Holds

An analyst specializing in cryptocurrency, who accurately predicted Bitcoin’s drop below $80,000, believes that BTC’s long-term upward trend will remain intact as long as it stays above a crucial price range.

During a recent analysis session, an anonymous analyst known as Cheds shared with his 49,800 YouTube followers that Bitcoin seems to have broken out of a W pattern on the four-hour chart.

A W pattern is typically considered a bullish reversal pattern, indicating that an asset has established a price floor after rebounding from a key support level twice.

“We saw a breakout of the W pattern followed by a bullish retest from above. This indicates that we could potentially be heading towards $72,000.”

“What gave me confidence was the shift in equities markets, along with the price being supported by the moving average 50.”

Cheds also suggested that Bitcoin is likely to see higher prices as long as it remains above the immediate support level between $78,500 and $81,000.

“Once we reclaim $81,000, we’re back on track. This will signal a return to the upward trend, supported by the MA50 and the idea of bulls regaining control.”