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Recent analysis of Bitcoin’s price chart by crypto strategist Cheds indicates that the long-term bullish trend could persist if Bitcoin 
$83,994 remains within a specific price range. The strategist previously forecasted a decline below the $80,000 mark, demonstrating his analytical abilities.
Bitcoin Price Analysis
Upon examining the four-hour chart, it was observed that Bitcoin has broken out of a W formation. This W formation typically emerges after bouncing twice off a major support level, signaling a positive reversal. The breakout from this formation could lead to optimistic expectations among traders.
Cheds: “We broke the W formation and experienced a pullback from above. This price movement seems to predict a possible move before the $72,000 target.”
Bitcoin Trend Expectations
According to analyses, if Bitcoin can maintain its critical support zone between $78,500 and $81,000, it is expected to reach higher price levels. Protecting this support area is deemed a significant criterion for a positive market trajectory.
Cheds: “If we can reach $81,000 again, things will fall into place. Regaining the MA50 support with a short-term pivot may allow the bulls to catch the upward trend once more.”
The strategist also noted that shifts in the stock market and the supporting role of the MA50 provide confidence to the market. This situation indicates that traders are monitoring Bitcoin more closely.
Evaluations have shown that in addition to technical analyses, market dynamics are also being considered. The U.S. retreat fosters positive expectations, and maintaining calm in the coming days could create a supportive environment for cryptocurrencies.
These analyses regarding price movements suggest that preserving critical support areas in the Bitcoin market could be beneficial for the long-term trend. The observed chart formations and support levels are regarded as essential reference points that traders can monitor for future movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
