Bitcoin continues to respect a multi-year ascending channel, bouncing three times before pushing toward its upper boundary near $120,000.
Analysts target $140,000 as the next move, with $200,000 projected by year-end if Bitcoin breaks out above the multi-year channel.
Global liquidity breakout is underway, creating favorable macro conditions that historically align with strong upward Bitcoin momentum
Bitcoin is approaching the upper boundary of a long-standing ascending channel, with key breakout levels coming into view. Market analysts now eye higher targets.
Multi-Year Channel Forms Foundation for Next Leg
Stockmoney Lizards noted that the current structure is not a rising wedge but a multi-year ascending channel. This channel has been in place since 2020 and shows clear bounce points along its lower support. Each bounce previously led to sharp upside moves, keeping Bitcoin within the channel’s expanding boundaries.
https://twitter.com/StockmoneyL/status/1939735116898508840
The most recent bounce occurred near $91,000, setting the stage for further upside. Bitcoin has since advanced above $100,000, where price action is now testing the upper boundary of the channel. Chart structure and historical price behavior point to a likely breakout. Based on this setup, an intermediate move toward $140,000 appears technically justified.
$200,000 Year-End Target Gains Attention
Stockmoney Lizards also projected a potential year-end target of $200,000 should Bitcoin break through the upper resistance. Previous moves in similar market phases have produced parabolic advances. The current compression and consolidation suggest the next breakout could be strong.
This breakout zone represents more than just a technical level. Price behavior at this stage reflects growing market confidence and renewed bullish momentum. If volume returns during this phase, Bitcoin could accelerate toward these projected milestones in the coming months.
Global Liquidity Push Supports Bitcoin Advance
CryptoGoos added that global liquidity is beginning to break out. This trend often precedes strength in Bitcoin, as liquidity cycles frequently drive crypto market expansion. When liquidity expands, investors tend to increase exposure to risk assets.
https://twitter.com/crypto_goos/status/1938659342640984405
The alignment of global liquidity growth with Bitcoin’s approach to the top of a multi-year channel is being closely watched. Historically, similar conditions have sparked strong upward movements. Analysts now focus on volume and confirmation to support the bullish continuation.
Market participants will continue monitoring these technical and macroeconomic signals as Bitcoin attempts to exit this multi-year formation.
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