Technical indicators suggest that Bitcoin’s (BTC) short-term momentum may be sustaining, with the potential to target a new record high in the coming weeks.
Specifically, Bitcoin has formed a Moving Average Convergence Divergence (MACD) golden cross below the zero line, a setup that has historically preceded strong upside moves, according to pseudonymous cryptocurrency analyst BitBull in a September 10 X post.
The analyst noted that the last time this pattern appeared, in April, Bitcoin rallied nearly 42% within a month and secured a new all-time high. A similar setup is now forming, suggesting that history may be repeating itself.
Bitcoin next price target to watch
The projection zone points to a potential surge toward $125,000 if momentum strengthens. Two scenarios are outlined: either an immediate breakout to the target or a brief pullback toward $117,000 before continuation higher.
Notably, a MACD crossover under the zero line indicates that selling pressure is easing while fresh bullish momentum enters the market.
Bitcoin’s short-term momentum is further supported by easing inflation data. The cryptocurrency jumped after U.S. wholesale inflation unexpectedly declined in August, with the Producer Price Index (PPI) slipping 0.1%, its first drop in four months, following a revised 0.7% gain in July.
The weaker print boosted expectations that the Federal Reserve will cut rates at its meeting next Wednesday.
Bitcoin price analysis
In this context, Bitcoin is pushing toward reclaiming the $115,000 mark. At press time, BTC was trading at $113,332, up almost 2% in the past 24 hours and about 1% on the week.
If momentum continues, traders see the $150,000 level as the next major record high to watch.
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