As Bitcoin (BTC) gains momentum toward reclaiming the $120,000 mark, a cryptocurrency trading expert says the asset’s technical setup points to a potential breakout toward $148,000 in the coming weeks.
Notably, BTC has rebounded from its 50-day moving average (MA) near $111,000, holding support for three straight days. This recovery has pushed prices toward the upper boundary of a descending channel, with resistance around $118,500, according to TradingShot in an August 8 TradingView post.
Therefore, a decisive move above this level would confirm a bull flag pattern, similar to one seen between May 20 and June 20 that triggered a sharp rally.
That breakout coincided with a bullish cross on the daily MACD, now close to repeating. TradingShot cautioned, however, that not all such setups have led to lasting gains.
If confirmed, the breakout could send BTC to $140,000 in the short term, a roughly 25% gain from the breakout point. At the same time, the medium-term target, based on the 2.0 Fibonacci extension, is $148,000 by late September 2025.
Bitcoin’s key price levels to watch
Furthermore, analyst Michaël van de Poppe has noted Bitcoin’s momentum strengthened after breaking above $116,973, a key level for re-entering its prior trading range. This followed a rebound from the crucial $114,753 support, where liquidity was swept before buyers stepped in.
His August 10 analysis pointed to the next upside test near $119,200, a key resistance that could open the path toward retesting all-time highs if cleared. However, he warned Monday could see a retracement to close the CME gap before further gains.
By press time, Bitcoin traded at $118,600, up 1.2% in 24 hours and over 5% on the week.
At the current levels, traders are watching the $115,000 support zone, with sustained strength above it potentially paving the way to breach $120,000.
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