Bitcoin has tested the same price area near $108500 more than eight times since December 2024.
Charts now show a projected move to $160301 if price holds above the neckline without falling below support.
Volume patterns and wave structure suggest Bitcoin could keep rising if $111000 turns into a lasting support base.
Bitcoin reclaimed the $108,500 level after retesting a neckline that has held firm eight times since December 2024, according to chart data. A chart posted by BigMike on July 8, 2025, shows Bitcoin forming a strong setup after flipping a key resistance range. The zone between $108,500 and $111,000 is labeled as a major neckline. If this area flips into support, Bitcoin could rally to $160,301, as shown in the projection.
Source: X
The shared chart also outlines a potential Elliott Wave formation, pointing toward wave 3 targeting a sharp upside leg. This setup is backed by visible volume clusters and clear technical zones, including Fibonacci levels. At the time of the post, Bitcoin was trading at $108,807 on Kraken, gaining 0.49% daily.
Eight Confirmations Point to Strong Neckline Foundation
BigMike's chart marks a horizontal neckline tested at least eight times since late 2024. Each retest of the neckline, around $108,500, has led to a bounce or consolidation. Repeated testing without breakdown typically signals strength in technical analysis. These levels often become springboards for upward price moves when finally breached. BigMike stated the $108,500–$111,000 range remains the crucial flip zone.
The chart tracks Bitcoin's daily candles with trend lines, Fibonacci retracements, and volume support zones. The $114,832.3 level, noted as the 0.618 Fibonacci retracement, lies just above the neckline. This area could serve as the next resistance before the price attempts the $160,301.8 level marked by wave 3 in the chart.
Technical Indicators Signal Continued Momentum
The Valhalla chart includes key indicators, such as the Stochastic RSI and Relative Strength Index (RSI). Both are trending upward with no visible bearish divergence in the short term. Price action shows a pattern of higher lows and higher highs, aligning with bullish market structure. Additionally, a clear ascending trendline supports the movement, providing further validation of momentum.
Horizontal support sits around $69,264 and $73,505, forming strong demand zones. These zones are indicated by significant green volume clusters on the right-hand side of the chart. The current price has maintained position well above this range, suggesting buyers remain in control. Volume patterns around $108K also reveal accumulation behavior. Traders often interpret these clusters as signs of institutional interest or strong retail positioning.
Will Bitcoin Reach $160K Before Year-End?
The most critical question remains: will Bitcoin reach the projected $160,301 target before the close of 2025? The chart indicates this move as part of a broader wave count. BigMike’s projection lines show a near-term push past $114,832, with a breakout toward $160K driven by wave 3 structure. This follows classical Elliott Wave theory, which often sees wave 3 as the most powerful.
The path to $160K would likely require reclaiming the $114K level with strong volume and holding above $111K. Any reversal back below $108,500 could invalidate the bullish setup and send prices toward the lower support range near $73K. For now, the bullish structure appears intact, and eyes remain on Bitcoin’s next move above the neckline as market participants watch key technical milestones.
