A prominent crypto analyst believes Bitcoin could be on a path to $150,000 following a confirmed breakout on the weekly chart.
In a post on X, analyst Lark Davis pointed to an inverse head and shoulders pattern, a technical structure often associated with bullish trend reversals.
The breakout occurred just above the pattern’s neckline, around $117,000, with Bitcoin now trading slightly above that level. Davis emphasized that the pattern’s projected target exceeds $150,000 and aligns with the 2.618 Fibonacci extension level.
Pattern Suggests Bullish Continuation
For context, the chart’s inverse head and shoulders pattern includes a left shoulder formed near $94,000, a head dipping to around $72,000 in April 2025, and a right shoulder near $90,000 in June. The neckline, now flipped into potential support, was broken in early July after weeks of sideways movement.
Bitcoin’s current price is $118,024, a 0.4% rise in the past day, increasing its monthly gain to 10% amidst recent volatility. Bitcoin reached a weekly high of $119,826 on July 27 after retracing from the all-time high above $123,000 recorded on July 14.
Notably, the current pattern suggests a measured move upward that supports a long-term price objective of over $150,000, assuming momentum continues, and price holds above the neckline.
Fibonacci Levels Add Weight to the Target
The Fibonacci extension level further supports the bullish target. Davis drew the extension from Bitcoin’s all-time high of $69,028 in November 2021 to its bear market bottom at $15,483. The resulting 2.618 extension level is $155,665, which nearly matches the projected breakout target from the pattern.
Bitcoin has already crossed the 1.618 Fibonacci extension at $102,120, signaling that a new price discovery phase may be underway.
Momentum Holds, but Support Is Crucial
Despite a weekly dip of paltry 0.6%, Bitcoin remains above the key $117,000 neckline. This level remains a point of note for analysts to see whether the level continues to hold as support. A sustained move above this zone could open the door for further upside.
However, a breakdown below $117,000 could pause the current trend or trigger a short-term correction. Lark Davis suggested that the breakout has defined the next major target for Bitcoin and that reaching it may now depend only on timing.
How High Can Bitcoin Go in 2025?
Similarly, crypto analyst CryptoGoos pointed out that Bitcoin’s volatility dropped to around 11.1%, returning to levels last seen in late 2023 when BTC was priced near $20,000. That previous volatility low preceded a major rally.
With Bitcoin trading within 116,000 to $120,000, CryptoGoos’ chart highlights a similar setup, volatility pressing against historical lows while price consolidates tightly. This coiling behavior suggests the market may be preparing for a significant breakout, as periods of extreme volatility compression often lead to explosive moves.
Adding to the bullish sentiment, veteran trader Peter Brandt recently predicted a cycle top between $125,000 and $150,000 by Q3 2025, contingent on Bitcoin reclaiming its parabolic trendline, an outlook supported by his long-term weekly chart analysis.
Meanwhile, analyst apsk32 believes Bitcoin still has significant upside, forecasting a surge past $200,000 before the end of 2025. His view aligns with projections from Bernstein, Bitwise, and Robert Kiyosaki.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
