Although Bitcoin's growth momentum has slowed in the past week due to escalating geopolitical tensions in the Middle East, this leading cryptocurrency appears to be forming a bullish inverse head and shoulders pattern on the three-day chart - significantly increasing the likelihood of reaching a new all-time high (ATH) in the coming months.

Is Bitcoin About to Reach a New ATH?

In a post on X published today, cryptocurrency analyst Mister Crypto highlighted that BTC is forming an inverse head and shoulders pattern on the three-day chart. The analyst shared the following chart, noting that a successful breakout could push the price of Bitcoin up to $150,000.

For those who are unaware, an inverse head and shoulders is a bullish chart pattern signaling a potential reversal from a downtrend to an uptrend. It consists of three troughs, with a lower trough - known as the 'head' - positioned between two higher troughs - referred to as 'shoulders'. This is followed by a breakout above the resistance level called the 'neckline', indicating increasing buying pressure.

Despite the ongoing volatility in the market, analysts remain optimistic. For example, renowned analyst Jelle points out that BTC has formed a significant bullish flag above previous highs - another positive technical signal.

BTC is also benefiting from a reduction in supply on trading platforms. In an X post shared earlier today, cryptocurrency commentator Master of Crypto noted that Bitcoin balances on exchanges are about to drop below two million - the lowest level since 2017.

The dwindling BTC balance on exchanges indicates that investors are moving their Bitcoin to long-term storage, reducing the amount available for immediate sale. This supply constraint could create upward price pressure, especially if demand continues to rise.

Meanwhile, another Bitcoin analyst, apsk32, emphasized BTC's ongoing correlation with the power curve cycle. Notably, Bitcoin has consistently followed this cycle for 15 years, and if this trend continues, the next cycle peak could occur in November or December 2025.

The Amount of BTC is More Important than the Price

In a private post on X, the author of Rich Dad Poor Dad, Robert Kiyosaki, emphasized that the amount of BTC a person holds is more important than its current price. In a detailed thread, he predicts that Bitcoin could reach $1 million by 2030.

Although the $1 million price target seems ambitious, other analysts also forecast new highs in the near future. For instance, CryptoQuant analyst Carmelo Aleman recently predicted that BTC could peak at $205,000 by the end of 2025.

Additionally, exchange data indicates an impending supply crisis, as whales continue to withdraw large amounts of BTC while inflows to exchanges remain low. At press time, BTC is trading at $104,359, down 0.1% in the past 24 hours.