A trading expert is projecting that Bitcoin (BTC) will hit a record high of $150,000 in the coming months, even as the leading digital currency consolidates above $80,000 amid prevailing bearish sentiment.
At the time of reporting, Bitcoin was trading at $83,863, up over 3% in the last 24 hours. However, in the weekly timeframe, the asset plunged by 7%.
Bitcoin’s path to $150,000
According to prominent online cryptocurrency analyst TradingShot, Bitcoin is showing the first signs of life after nearly testing its critical one-week moving average (1W MA50) earlier this week.
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In a TradingView post on March 12, the expert noted that Bitcoin has been trading within a Fibonacci-based ascending channel since the November 2022 market bottom, with its 1W MA50 acting as strong support.
In this line, Bitcoin’s price action has followed a predictable four-year cycle, typically peaking toward the end of year three. Since the current cycle began in late 2022, a peak is expected by late 2025.
TradingShot’s analysis reinforced this outlook, showing that Bitcoin’s rallies alternate between major corrections and strong bullish surges.
Bitcoin’s corrections generally fall into two phases. A primary correction, marked by a drop exceeding 30%, leads to a significant accumulation phase, while a secondary correction involves a milder decline of over 20% before the next rally.
Historically, primary corrections have been followed by rallies exceeding 100%, while secondary corrections have also led to strong recoveries. Recently, Bitcoin marginally dipped below the 0.382 Fibonacci retracement level—a rare occurrence that suggests a bottoming-out phase is underway. Corrections typically last until the next Fibonacci time level (1.0 Fib), indicating a potential breakout by late April 2025.
Based on previous surges within the channel, Bitcoin could rise by at least 95.95%, reaching an estimated $150,000 by late September 2025, as per TradingShot’s outlook.
Bitcoin (BTCUSD) is showing the first signs of life after nearly testing the 1W MA50 (blue trend-line) early this week. <….> if it repeats the ‘weakest’ rally of the Channel’s three so far, it should rise by +95.95%, which gives us a straight price of $150000 as a target,” the expert said.
Another key indicator supporting a rebound is the Relative Strength Index (RSI). The one-day RSI dropped to 34.50, a level historically associated with bottom formations. In past cycles, higher lows of the RSI have signaled strong recovery points, suggesting that Bitcoin is in the final stages of its correction before an upward breakout.
Bitcoin has generally struggled to break out as the cryptocurrency sector has been impacted by the broader sell-off in the equities market stemming from uncertainty around President Donald Trump’s tariffs. Meanwhile, Bitcoin has remained under pressure even after the establishment of the Bitcoin Strategic Reserve by the United States, which failed to ignite investor enthusiasm.
Bitcoin set for 8% breakout
In the short term, insights from trading expert Ali Martinez’s X post on March 12 indicated that the asset would likely witness an 8% price breakout. This outlook is based on Bitcoin’s ascending triangle pattern, a bullish formation signaling a potential upside.
Currently trading at around $83,000, Bitcoin has been consolidating within this pattern, with higher lows building pressure toward the $84,000 resistance level. If BTC successfully breaks out, it could target a move toward the $89,000 to $90,000 range, representing an 8% surge.
On the flip side, failure to break above resistance may lead to a retest of lower support near $79,000.
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