As the Bitcoin price has staged a rebound coming out of the weekend, the momentum has begun to skew bullish again, and expectations remain that the price will wax higher from here. Some predictions have placed the digital asset’s price lower. However, there are some who expect this to be the start of the next upward wave for Bitcoin. One of those is crypto analyst Arman Shabann, who shared an analysis of the Bitcoin price that seems to be playing out quite well.
Why The Bitcoin Price Is Headed For Higher Levels
In the analysis, Arman explained the current Bitcoin price trajectory as being bullish, especially with the formation of a clear ascending channel. The digital asset had been moving within this ascending channel, and this is seen in the recent upward push that the Bitcoin price went on.
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So far, the cryptocurrency looks to be moving according to plan, after bouncing off support between $108,000 and $109,000. After this bounce, the analyst believes that the Dogecoin price has now entered what is known as a natural correction phase.
At this level, the Bitcoin price is still trending along the midline, and this is where the next move could be determined. Now, there is still the possibility that the price continues to trend down and retests the support area just above the $105,000 region, as shown in the chart.
However, in this case, the Bitcoin price would be preparing for another bounce if this level holds. Additionally, the analyst points out that this would be an ideal entry point if the price were to actually reach this level, given that it’s expected to actually rebound from this point.
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For the bullish scenario, the Bitcoin price does need to hold the upper boundary of the channel to continue its uptrend. Once bulls take control, then the price is likely to continue upward, with the analyst predicting an over 30% move. Such a move would put the Bitcoin price as high as $156,000 before the rally is over.
On the other hand, the bears still have the opportunity to actually reclaim control of the digital asset from here. This lies in breaking below the support level and shifting the momentum back into the negative territory. If the support at $105,000 does break, then the next possible target is the dynamic support just above the $100,000 area.
Featured image from Dall.E, chart from TradingView.com
