$BTC topping a key resistance level of $114,000 would open a door to a bigger rally, a strategist said on Monday.If it clears that hurdle, $BTC could go on to rally as high as $143,000.The token has several tailwinds that could boost its performance, strategist Ed Campbell said.$BTC jumping above a key technical threshold would open a path to a much larger rally ahead, according to a market strategist.
In a note to clients last week, Ed Campbell of Rosenberg Research said the next big resistance level for crypto is $114,000.
Bitcoin hovered around $107,800 on Monday afternoon. Should the token rise another 6% to clear the $114,000 mark, it could spark a fresh rally of as much as 25% to $143,000
While momentum may fade later this summer, a breakout now (or soon) would reinforce the bullish macro setup and could extend Bitcoin's leadership well into the second half of the year," Campbell wrote.
The note pointed to a handful of bullish catalysts the firm believes will act as tailwinds to bitcoin's price going forward.
1. An ongoing rally from the last bitcoin halving
Bitcoin's price has historically rallied after a halving event, when the rewards for bitcoin miners are slashed in half. The idea is to make it harder for new bitcoins to be mined and making the token more scarce.The last bitcoin halving was in April 2024 with the next one expected in 2028.
Chart showing bitconi price after halving events
Bitcoin's price has seen sharp rallies after previous halving events. Yahoo Finance, Blockchain.com, Rosenberg Research
2. Concerns around the US dollar
Investors are more concerned about storing their wealth in dollar assets like US government bonds than they were in the past, making bitcoin an attractive alternative to some investors.
The US Dollar Index, which weighs the greenback against a basket of foreign currencies and reflects the level of demand for the dollar, is down 10.5% for the year.
