According to crypto analysts, Bitcoin (BTC) is on track to reach $110,000 by 2025, based on technical patterns. However, some caution that a significant dip, potentially below $40,000, could happen first.
The bullish forecast is primarily driven by the "Cup and Handle" pattern, a widely recognized formation in technical analysis that signals a continuation of an upward trend. Crypto analyst Titan of Crypto suggests that Bitcoin could be poised for a major breakout, potentially hitting $110,000 by the first quarter of 2025.
Analyst Elja Boom points to another bullish indicator: the giant inverse head and shoulders pattern. He predicts that once this pattern fully develops, Bitcoin could surge past $100,000. "Once the BTC giant inverse head and shoulders pattern breaks out, Bitcoin could shoot above $100K," Boom said, forecasting an all-time high in Q4 2024 and $100K in Q1 2025.
Despite these optimistic predictions, some analysts believe Bitcoin’s journey to $110,000 may not be smooth. Analyst Magoo PhD warns of a possible sharp correction, with Bitcoin potentially dropping below $40,000 before any significant rally. Magoo's analysis includes a chart suggesting a tough correction could precede the anticipated breakout.
Supporting this analysis, data from CoinGlass shows that Bitcoin has strong support at the $57,000 level. A drop below this threshold could trigger liquidations of over $860 million in cumulative leveraged short positions, potentially intensifying any downward movement.