Although Bitcoin (BTC) has corrected after hitting an all-time high above $125,000, an analyst has noted that technical indicators suggest there is still room for the asset to reach $160,000 in the coming months.
As of press time, Bitcoin was trading at $124,874, up about 1.2% in the last 24 hours, and has rallied over 10% in the past week.
Now, according to insights from TradingShot, Bitcoin’s move toward the $125,700 record high confirmed a breakout above a long-standing resistance level.
In a TradingView post on October 6, the expert indicated that this level turned into strong support, reinforcing the ongoing bull cycle pattern.
The outlook noted that Bitcoin is forming a series of higher lows within a clear ascending trend line, supported by the 50-week moving average (MA).
This setup indicates continued upward momentum, mirroring the bullish phase observed in August 2023 that led to significant price gains.
The analysis also highlighted Fibonacci extension levels as key markers for future price targets. Currently, the rally appears to be tracking the 2.0 Fibonacci extension, which has historically aligned with previous market peaks.
Based on this pattern, Bitcoin’s trajectory points toward the $160,000 level within the first quarter of 2026, around January.
Bitcoin’s potential $200,000 target
Meanwhile, another outlook by pseudonymous cryptocurrency analyst Mikybull suggested that, in comparison to gold’s rally, Bitcoin has the potential to surge to $200,000.
In an X post on October 6, the analyst suggested that Bitcoin’s ongoing market cycle is drawing parallels with gold’s historic rally in the 1970s.
According to the projection, Bitcoin’s price pattern continues to mirror the long-term performance of gold during that decade, a period marked by inflation and speculative surges.
Therefore, the comparison implies that Bitcoin, much like gold then, could be entering the speculative phase of its cycle, supported by Livermore’s speculative metric, which projects a potential top above $200,000.
From a macroeconomic standpoint, the trend reflects growing inflation risks rather than robust economic growth, suggesting that investors may increasingly view Bitcoin as a hedge, similar to gold’s role in the past.
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