A prominent crypto strategist, known for accurately predicting Bitcoin’s fall below $80,000, has expressed confidence in the cryptocurrency’s long-term upward trajectory—provided it remains above a critical price threshold.
In a recent strategy session, the pseudonymous analyst CHEDS shared insights with his 49,800 YouTube subscribers, noting that Bitcoin appears to have broken out of a W pattern on the four-hour chart. This pattern is often interpreted as a bullish reversal signal, indicating that the asset has established a price floor after testing a key support level twice.
“We had a break of the W and then a throwback, which is a bullish retest from above. This looks promising and suggests we might be front-running $72,000,” CHEDS explained. “The confidence boost came from a shift in equities markets and the fact that the price was at the moving average (MA) 50, which has historically acted as support.”
He further emphasized that Bitcoin could see higher prices as long as it maintains its immediate support level between $78,500 and $81,000. “Regain $81,000, and we’re back in business. Moving above $81,000 would align with the low time frame pivot and high time frame support at the MA50, suggesting that the bulls are poised to recapture the trend, guided by the rising MA200,” he added.
At the time of writing, Bitcoin is trading at $85,301, reinforcing optimism among investors.
