Bitcoin continues to attract attention from analysts as technical patterns and market sentiments indicate potential growth.
Technical Patterns Suggest Bullish Continuation
According to analysis from CryptoBusy, Bitcoin has entered a technical correction phase, forming an ABC pattern after reaching a local high near $106,000. This pattern is typically observed during consolidations within a broader uptrend. Analysts believe the correction could briefly take BTC below $100,000, but only as a wick rather than a full breakdown.
"From a technical analysis perspective, we’re forming the most bullish pattern," CryptoBusy stated. The current structure is viewed as a setup before a new rally. This aligns with XForceGlobal’s view that the market is in a distribution phase, possibly forming a Running or Expanded Flat, often preceding upward price movement.
Optimistic Projections and Market Sentiment
The 4-hour BTC/USDT chart also supports this view. Bitcoin has broken out of a symmetrical triangle, signaling a bullish setup. Resistance is noted at $105,820, but breaking it could send the price toward $109,588 and even $110,922.
Arthur Hayes, co-founder of BitMEX, stated during Token2049 Dubai that Bitcoin could hit $200,000 in this bull run and possibly $250,000 by year-end. He also reiterated his longer-term forecast of $1 million by 2028.
Long-Term Targets Between $200K-$250K
Meanwhile, Bitwise CIO Matt Hougan pointed to increased institutional demand and reduced selling pressure as drivers for a possible surge to $200,000 by late 2025. "Seller exhaustion at $100,000 is likely," Hougan stated in an interview with Cointelegraph.
According to an observation by Coin360, Bitcoin’s realized cap has reached $906 billion, reflecting growing investor confidence. As chart patterns hold firm, traders anticipate a breakout above $109,500 in the coming weeks.
Despite short-term fluctuations, analysts are confident in Bitcoin's bullish potential and regard it as an asset with significant growth opportunities in the future.
