As Bitcoin (BTC) gains momentum to regain the $120,000 mark, cryptocurrency trading experts say the technical setup of the assets is marking a potential breakout to $148,000 in the coming weeks.
In particular, BTC has rebounded from its 50-day moving average (MA) from nearly $111,000, and has held support for three consecutive days. This recovery pushes the price towards the upper limit of the downward channel, with resistance of around $118,500; Trade shot August 8th TradingView post.
Thus, the decisive move above this level will confirm the bull flag pattern that caused a sharp rally, similar to what is seen between May 20th and June 20th.
That breakout coincides with the daily MACD bullish cross and is now approaching repetition. Trade shot However, I noted that not all such setups have been leading to lasting benefits.
If confirmed, the breakout could send BTC to $140,000 in the short term. This is about a 25% increase from breakout points. At the same time, the medium-term target based on the 2.0 Fibonacci expansion is $148,000 by late September 2025.
Key Bitcoin price levels to watch
Additionally, analyst Michael Van de Poppe notes Bitcoin’s momentum has been strengthened after it surpassed $116,973, a key level for re-entering previous trading ranges. This followed a rebound from a critical $114,753 support where liquidity was washed away before buyers stepped in.
His August 10 analysis pointed to the upside test, which was close to $119,200. This is an important resistance, if cleared, that could pave the way for retesting the highest ever high. However, he warned on Monday that he could see a setback to close the CME gap before further profits.
At the current level, traders are looking at a support zone of $115,000.
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