The three bull markets of Bitcoin each have their own stories.
In 2013, the Cyprus financial crisis stirred up waves, and the Chinese market added fuel to the fire, with prices soaring to $1163.
In 2017, the ICO craze was in full swing, Ethereum took the lead, and retail investors along with exchanges in Japan and South Korea pushed prices close to $20,000.
In 2021, institutional giants joined the game, with Tesla and MicroStrategy leading the purchasing, while new terms like NFT and DeFi provided assistance, and the Federal Reserve's liquidity injection further drove prices up, peaking at over $68,000.
Looking at the timing, the peak of the bull market often appears between late November and mid-December. Will it replay in 2025? It's hard to say. The market is too unpredictable; instead of just focusing on old patterns, it's more reliable to observe the current trends.
BTC made a strong surge on July 10, breaking the neckline, confirming a bullish head and shoulders pattern—this is not a small movement; if it holds, it could aim for $150,000.
On the bullish side, we hope the price can maintain support at the neckline. If it holds, the neckline becomes a strong support, and the upward momentum continues, with $150,000 as the target.
The bears are not idle, waiting for it to falter. If it drops below the neckline, this breakout may have been a ruse; if it falls below the 50-day moving average ($107,190), the bears will take control.
In the 4-hour chart, the RSI is overbought, so in the short term, it may either consolidate sideways or make a small pullback. As long as it doesn't drop below $110,530, the bulls remain in charge, and if it holds, it could surge to $123,000.
