Bitcoin $BTC is trading around $104,000, following a recent pullback from its late May highs above $112,000. Despite this correction, several indicators suggest that BTC may be entering a new bullish phase.
Analysts have identified a potential "cup-and-handle" pattern forming over the past three years, which is a classic bullish signal. If this pattern completes successfully, it could propel $BTC toward a target of $340,000 in 2025.
Institutional interest remains strong, with firms like Metaplanet recently increasing their Bitcoin holdings to 8,888 $BTC , valued at over $930 million. Additionally, on-chain analyst Willy Woo notes that Bitcoin's broader fundamentals remain solid, suggesting that recent pullbacks are part of a healthy market cycle.
While short-term technical indicators show some bearish momentum, the overall market sentiment and institutional support point toward a potential continuation of the bull run. Traders should monitor key support levels around $103,000 and resistance near $112,000 to gauge the next significant move.
