Bitcoin just posted its highest-ever weekly close, signaling continued bullish momentum.
A key technical indicator flipped positive, reinforcing potential for further price growth.
Similar breakout setups in past cycles have led to major price rallies, suggesting upside potential.
Bitcoin has reached a new weekly high, reinforcing its current bullish momentum and sparking discussions about future price targets. Market observers have noted that the asset's recent price action is not only significant from a historical perspective but is also aligned with repeating technical setups seen during past uptrends. The cryptocurrency closed the weekly candle at its highest level ever, a development that could hold implications for traders tracking long-term price patterns.
Source: (X) Technical Setup Mirrors Historical Rallies
One of the clearest signs fueling optimism in the market is the reappearance of a recurring chart pattern. The image shared by analysts shows that Bitcoin has broken out of a descending wedge—a structure it has followed in past rallies. Each time this technical setup emerged historically, the price moved sharply higher in the following weeks.
Source: (X)
Additionally, the MACD indicator on the weekly chart has flipped bullish once again. The histogram bars are shifting back to green, and the signal line crossover marks a potential continuation of upward momentum. This crossover has historically coincided with strong follow-through moves in Bitcoin’s price, suggesting that the market could be entering a new leg of the current cycle.
Key Price Levels: Support and Resistance
At the latest update, Bitcoin stands at $105,519 and has increased by a 0.4% rise over the last 24 hours. The nearest support level stands at $105,057, while resistance comes in at $106,807. These are levels that can act as key reference points for traders and investors anticipating breakout confirmation or potential pullbacks.
More significantly, the monthly candle closed above December 2024 highs, building a strong case for long-term bullish continuation. This type of price action suggests that the asset may be creating a base for yet another large move rather than a short-term spike.
Outlook Points to Possible Further Gains
Whereas short-term price action can go up and down, structural signals are pointing in the direction of more growth. The analysts are considering that Bitcoin will reach $130,000 in July, and even exceed $160,000 within Q4 of 2025. These are projections and based on the continuation of current market trends in volume and investor sentiment.
These projections are more reliable considering that the situation today is not isolated. This pattern fits that of earlier breakouts which came right before major price rises. Still, macroeconomics and geopolitics play a role in shaping markets, so there is uncertainty about what will happen.
A higher weekly high, stronger bullish signals and repetitive bullish factors make the outlook cautiously positive. Since the asset is still within its known support and resistance, traders are watching to see if history will guide its next change.
