Bitcoin’s Potential Surge: Analysts Predict a New All-Time High
Bitcoin’s Momentum and Future Prospects
As Bitcoin (BTC) hovers near the $120,000 threshold, market analysts speculate that the cryptocurrency might still possess significant upward momentum. This could potentially drive its value to an unprecedented high of $155,000.
Technical Analysis Indicates a Robust Rally
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The optimism surrounding Bitcoin’s price movement is reinforced by examining its weekly chart. Notably, Bitcoin initiated a strong rally after rebounding from the 50-week Moving Average (MA) on April 7, 2025. This analysis, shared by TradingShot on TradingView on July 28, highlights a promising upward trend.
Ascending Channel and Fibonacci Support Levels
The rebound is part of a larger three-year ascending channel that dates back to November 2022. Significantly, this marks the second instance where Bitcoin found crucial support at the 0.236 Fibonacci level within this framework. Historically, this zone has been associated with major bullish reversals.
Historical Parallels with Previous Price Movements
Current market conditions resemble past instances of price surges. In late 2022 and early 2023, Bitcoin experienced a remarkable increase of approximately 106.37% following similar technical indicators. A more vigorous rally between late 2023 and early 2024 resulted in a substantial gain of 197.23%.
Forecast: A New Peak on the Horizon
TradingShot’s analysis now suggests that the ongoing expansion phase mirrors the earlier robust movement, potentially reaching a peak near $155,500 in the upcoming months. This projection represents a potential increase of about 30% from present levels.
Challenges at Key Resistance Levels
Renowned cryptocurrency trading expert Michaël van de Poppe highlighted in a July 28 social media post that Bitcoin encountered resistance around the $119,400 mark. Despite a brief upward movement, the cryptocurrency faced rejection at this critical resistance zone.
Short-term Pullback Possibilities
The inability to surpass this level has amplified the chances of a short-term pullback, especially with an open CME futures gap around $118,500. Additionally, there’s a growing liquidity cluster below, suggesting a possible downward movement before resuming the upward trend. Consequently, a corrective phase into the $116,500 to $117,500 range might offer a strategic accumulation opportunity.
Current Bitcoin Market Performance
As of the latest update, Bitcoin is trading at $118,961, reflecting a 0.7% increase over the past 24 hours. On a weekly scale, it has achieved a modest gain of 0.68%.
Strong Uptrend Indicators
Bitcoin’s current momentum remains robust, trading well above its 50-day Simple Moving Average (SMA) of $110,835 and its 200-day SMA of $90,530, confirming the ongoing uptrend. The 14-day Relative Strength Index (RSI) currently stands at 64.11, indicating strong buying momentum without reaching overbought levels, suggesting further gains are possible.
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