Bitcoin's Chart Patterns Indicate BTC Could Reach $140,000 by Early 2025

Bitcoin's Bullish Path Forward

As Bitcoin (BTC) attempts to solidify its position above the psychological $100,000 mark, historical price movements are hinting at a potential rally towards $140,000 by early 2025. Expert analysis from trading specialist TradingShot highlights a consistent channel-up formation throughout late 2024, reflecting a similar bullish sentiment seen in late 2023.

Analyzing Historical Patterns

A comprehensive breakdown of Bitcoin's price reveals notable parallels between lows recorded in 2024 and 2023. Both instances saw temporary declines beneath the key 200-day moving average (MA), eventually leading to a robust upward movement characterized by a cup formation, signaling accumulation.

• Consolidation and Breakouts: An observed bullish divergence on the one-day Relative Strength Index (RSI) suggests a weakening of bearish momentum, paving the way for potential recovery.
• Golden Cross Indication: The formation of a golden cross alongside the channel-up pattern has sparked optimism for BTC's upward trajectory.

Key Price Levels to Watch

Moving forward, Bitcoin's price has tested the 2.0 Fibonacci extension, with fractal analysis proposing a possible aim towards the 3.0 Fibonacci level. If achieved, this could see BTC target a price of approximately $140,000 by February 2025.

Market Sentiment and Technical Signals

Recent assessments from TrendSpider indicate Bitcoin is consolidating within a tightening wedge, signaling a forthcoming price movement. Brief fluctuations can be anticipated as Bitcoin holds above critical support levels.

• Daily Chart Signals: Bitcoin’s daily chart reveals signs of a major move approaching, reinforcing confidence in a potential price breakout.
• Market Outlook: Analysts suggest Bitcoin's market activity is poised for a decisive breakout, aiming for heightened price thresholds in 2024.

In conclusion, while Bitcoin's technical indicators portray a favorable outlook towards breaching the $100,000 resistance, maintaining support above $95,000 will be crucial in the coming months.