Bitcoin Breaks Out of Accumulation Zone Again: Why $120,000 Could Be the Next Level

A new Bitcoin price analysis confirms that this leading cryptocurrency is still in a bullish trend after recently bouncing off a significant accumulation zone. With important structural support levels intact and the bullish AB=CD pattern unfolding, analysts are currently eyeing a potential rally above $120,000, marking a new all-time high. Bitcoin Price Aiming for Target of 122,000 USD After Completing AB=CD According to a technical analysis report by TradingView crypto analyst Weslad, Bitcoin is following a well-defined bullish trajectory, potentially paving the way for a rally to $122,000. Given the current price of BTC at $109,747 at the time of writing, achieving this ATH target would represent an 11.17% increase from the current level. This optimistic forecast comes right after the accurate AB=CD pattern on the BTC chart—a previous harmonic structure indicating significant bullish potential. Notably, the price of Bitcoin has since returned to the important Accumulation zone between $104,000 and $107,000—a move that the analyst describes as a healthier correction rather than a reversal. Weslad has revealed that the current accumulation zone is the price range where buyers are expected to step in again. As long as Bitcoin remains within or above this zone, the analyst asserts that its market will remain bullish.

Currently, Bitcoin is trading much better than the important psychological support level of 100,000 dollars, reinforcing its bullish position. The broader market structure also remains intact in the Ascending Channel, supported by higher time frame demand zones. According to Weslad's analysis, if Bitcoin can maintain its price in the range of 104,000 – 107,000 dollars, this cryptocurrency could see significant increases to the Fibonacci Extension level of 2.618 near 122,000 dollars. Adding to this bullish case, a breakthrough above the resistance level of 112,000 dollars is also necessary to confirm the next step of this move, marking a stronger and larger bullish momentum. BTC Prepares for a Major Pullback Before a Breakout As the Bitcoin price approaches local resistance around $111,000, Weslad warned that the market may face temporary barriers before the expected uptrend continues. The TradingView analyst noted that if price action is rejected at this resistance level, traders should anticipate a possible retest of the $107,000 – $108,000 zone 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 adjustment. Most recently, Weslad affirmed that this anticipated adjustment move has ended, signaling that the market is now ready for a "real growth phase."

With the demand zone around the 86,000 – 91,000 dollar level and strong support around the 96,000 – 99,000 dollar level, the overall structure of Bitcoin remains bullish unless a breakout below 100,000 dollars occurs. Until then, all eyes remain on the breakout at 112,000 dollars, which could trigger a potential bullish rally towards the projected target of 122,000 dollars.