Bitcoin Price Bounces Off Re-Accumulation Zone: Why $120,000 Could Be Next

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. 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 technical analysis report by TradingView crypto analyst Weslad, Bitcoin is accurately following a well-defined bullish trajectory, potentially paving the way for a surge to $122,000. With BTC now priced at $109,747 at the time of writing, reaching this ATH target would represent an 11.17% increase from current levels.

This optimistic forecast comes on the heels of an accurate AB=CD pattern on the BTC chart—-a harmonic structure that previously hinted at significant upside potential. Notably, the Bitcoin price has since retraced into a key re-accumulation zone between $104,000 and $107,000 — a move the analyst described as a healthy correction rather than a reversal.

Weslad has disclosed that the present re-accumulation zone is a price range where buyers are believed to be stepping in again. As long as Bitcoin stays within or above this zone, the analyst asserts that its market will remain bullish.

Currently, Bitcoin is trading well-above the crucial psychological support of $100,000, reinforcing its bullish position. The broader market structure also remains intact within an Ascending Channel, supported by higher timeframe demand zones.

According to Weslad’s analysis, if Bitcoin can firmly hold its price within the $104,000 – $107,000 range, the cryptocurrency could see a significant increase to the 2.618 Fibonacci Extension level near $122,000. Adding to this bullish case, a breakout above the $112,000 resistance is also needed to confirm the next leg of this move, marking a potentially stronger and larger upside momentum.

BTC Set For Major Pullback Before Breakout

As the Bitcoin price approaches the local resistance around $111,000, Weslad warns that the market may face a temporary hurdle before the continuation of the projected uptrend. The TradingView analyst notes that if 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, Weslad 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 a decisive breakdown below $100,000 occurs. Until then, all eyes remain on the $112,000 breakout level, which could trigger a potential surge toward the projected $122,000 target.

Featured image from Getty Images, chart from Tradingview.com

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