In October of last year, crypto analyst Cheds was able to predict that the Bitcoin price would rise above $60,000 for the second time and then pull back to the $40,000 level for the last time. His followers are now eagerly awaiting whether the analyst’s third prediction will come true.
Cheds updated BTC price forecasts
Analyst said in his October forecasts, the probability of launch of Bitcoin ETFs (exchange mutual funds) is strong. He also stated that this will be effective in the Bitcoin rally, but after $ 64,000, it will pull back to $ 40,000. You can find these estimates in the tweet below.
The next episodes are eagerly awaited as the analyst’s predictions have already begun to come true. According to Cheds, Bitcoin will form an ascending triangle after pulling back to $40,000. This pattern usually gives bullish signals when confirmed. Cheds thinks that the newly formed ascending triangle will push Bitcoin to the psychological resistance of $100,000.
Analyst shares the last stronghold of Bitcoin bulls
Cheds, whose analysis we shared as Cryptokoin.com , said that the above predictions are still valid, while the breach of $40,000 ” says it could cause “serious danger”. In a recent Youtube video, Cheds renews Bitcoin bulls’ last support zone at $40,000:
After the rejection, we were watching the bulls to identify this high low and initially we were looking for $52,000-53,000, which failed. Continuation of inverted head and shoulders failed in the 4 hour period. We closed all of them. The question here is where is the increased demand? Here the last legitimate argument for a bull is $40,000. That’s always been very low, so low that it’s a really good discount but not low enough to break the chart. Below this level the table will break.