#BTCBreaks110K Bitcoin (BTC) is experiencing strong momentum, having surpassed $110,000 on June 11, marking a 10% increase since June 5. This performance places BTC just 2% from its all-time high, rekindling optimism for further price appreciation. Currently, Bitcoin is trading around $109,757, according to Binance.

Here is a graphical analysis of Bitcoin:

Ambitious Short-Term Targets

Several analysts are bullish on Bitcoin's short-term outlook. Analyst Jelle estimates that the monthly chart of Bitcoin shows signs of acceleration, with potential targets between $120,000 and $150,000 during this cycle. Similarly, Michaël van de Poppe expects further increases if BTC can turn the level of $110,500 into support. He noted that Bitcoin has already accelerated after crossing $106,500, and a similar move above $110,500 could trigger a price discovery phase.

Analyst Mags also identified a cup and handle pattern on the weekly chart, which could propel the price towards $125,000. Other chart configurations even suggest a potential rise up to $140,000.

Long-Term Forecasts That Defy Understanding

Beyond short-term goals, the long-term forecasts for Bitcoin are even bolder. Michael Saylor, president of strategy at MicroStrategy, reaffirmed his belief that Bitcoin could reach $1 million. In an interview with Bloomberg on June 10, he stated that if Bitcoin does not fall to zero, it will reach $1 million, citing increasing institutional demand and fixed supply. MicroStrategy currently holds 582,000 BTC, worth over $63 billion.

Other institutions share this optimism. ARK Invest forecasts a bullish scenario where Bitcoin could reach $2.4 million by 2030. Bitwise anticipates a target of $1 million by 2029, and SkyBridge Capital envisions a perspective of $500,000.

Key Resistance Levels to Watch

Despite this bullish momentum, Bitcoin will need to break through some key resistance areas in the short term. According to the BTC/USDT liquidation heatmap from Binance, the main resistance zones are around $112,000 and $114,000. These levels represent high concentrations of leveraged short positions and could serve as catalysts for a strong bullish push if surpassed. Analyst AlphaBTC noted that the liquidity of the previous all-time high of Bitcoin is within reach, but warned that BTC may require a consolidation period before breaking this level.