Bitcoin's bullish momentum continues as the cryptocurrency trades above $116,000, marking a significant breakout to new all-time highs. Market analysts believe that a confirmed daily close above $113,000 could be the trigger for the next leg up, potentially pushing BTC toward $150,000.
As of Friday, Bitcoin (BTC) is trading around $116,706, following a breakout past the previous resistance at $110,530. The price hit a new all-time high of $113,788 on Thursday before continuing its upward move.
According to Markus Thielen, head of 10x Research, BTC now has a 60% probability of rising more than 20% over the next two months, citing strong technical structure and momentum. Milk Road co-founder Kyle Reidhead echoed this optimism, projecting a rally to $150,000.
Bitcoin Price Analysis: Bulls Push Higher, But Can It Hold?
Bitcoin’s current price action confirms a breakout from the neckline of an inverse head-and-shoulders pattern—a bullish technical formation. If buyers maintain a daily close above $113,000, the pattern may be fully activated, targeting a measured move toward $150,000.
Still, resistance remains strong near the $113,800 neckline, and bears may attempt to push BTC back below $110,530. If that happens, Bitcoin could test its 50-day simple moving average (SMA) at $106,774, and a breakdown below this level could accelerate selling pressure, dragging BTC back to $100,000.
On the upside, the next immediate hurdle is near $116,571, followed by open air above $120K if momentum continues. Maintaining price strength above $113K is key to confirming breakout sustainability.
Key Levels to Watch
Resistance: $116,571 → $120,000 → $150,000 (pattern target)
Support: $113,000 (breakout level) → $110,530 → $106,774 (50-day SMA)
The current structure suggests that BTC remains in price discovery mode, supported by strong spot demand and declining exchange reserves. A confirmed daily close above $113,000 would signal bullish continuation, but a breakdown below key moving averages could prompt a deeper retracement.
As institutional flows return and macro uncertainty persists, Bitcoin’s safe-haven narrative may continue to support upward pressure into Q3 2025, according to Cointelegraph.
