Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Bitcoin could be on the verge of an “explosive” move towards $145,000, according to recent analysis from several cryptocurrency experts. This projection follows a period of price consolidation after the digital asset surged to a six-week high of $119,500, positioning it for potential significant gains in the coming months.
Bull Flag Breakout Hints at $145,000 Target
After reaching an all-time high of $124,500 on August 14, Bitcoin’s price experienced a pullback, forming what analysts identify as a “bull flag” pattern on the daily chart. This classic bullish continuation pattern typically signals further upside after a strong rally, followed by a consolidation phase.
Analyst Captain Faibik noted on X that Bitcoin’s “bullish flag upside breakout is confirmed,” indicating a mid-term target of approximately $140,000. Pseudonymous analyst Gladiator echoed this sentiment, suggesting the breakout could lead to an “explosive” move and a target of $145,400, representing a 22% increase from current levels.
Further analysis using Bitcoin’s MVRV extreme deviation pricing bands suggests that once the price surpassed $117,000, it has room to expand before the unrealized profit held by investors reaches an extreme level, specifically the uppermost MVRV band at $139,300.
Potential Retest of $117,000 Support
Despite the strong bullish indicators, some analysts caution that Bitcoin may first experience a brief pullback to retest critical support levels. MN Capital founder Michael van de Poppe suggested that after absorbing significant sell-side liquidity during its move to $119,500, a period of stalling or a retest of the $117,000 support level could be imminent.
Fellow analyst Ted Pillows emphasized the importance of Bitcoin holding the $117,000 support to maintain its uptrend. He warned that a failure to do so could lead to a drop towards $113,500. Pillows added that the only significant hurdle between Bitcoin and a new all-time high is the $120,000 resistance level.
Outlook for New All-Time Highs
A decisive break above the $120,000 resistance could pave the way for Bitcoin to establish new all-time highs beyond $150,000. This potential breakout is supported by various factors, including current market seasonality and growing institutional demand for the cryptocurrency.
