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 their BTC price predictions
The analyst said in his October forecasts that the probability of the launch of Bitcoin ETFs (exchange-traded funds) is strong. He also stated that this will be effective in the Bitcoin rally, but will pull back to $40,000 after $64,000. You can find these estimates in the tweet below.
The next chapters 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 last stronghold of Bitcoin bulls
Cryptocoin. com, Cheds, whose analysis we share, says that the above estimates are still valid, while a breach of $40,000 could lead to “serious danger”. In a recent Youtube video, Cheds renews that the last support zone for Bitcoin bulls is $40,000:
After the rejection, we were watching the bulls to identify this high low and it was originally 52,000-53. We were looking for $ 000, that failed. Continuation of inverted head and shoulders failed in the 4-hour timeframe. We closed all of them. The question here is where is the increased demand? The last legitimate argument for a bull here 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.