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As Bitcoin ($BTC) gains momentum toward reclaiming the $120,000 mark, a cryptocurrency trading expert says the asset’s technical setup points to a potential breakout toward $148,000 in the coming weeks.
Notably, $BTC has rebounded from its 50-day moving average (MA) near $111,000, holding support for three straight days. This recovery has pushed prices toward the upper boundary of a descending channel, with resistance around $118,500, according to TradingShot in an August 8 TradingView post.
Therefore, a decisive move above this level would confirm a bull flag pattern, similar to one seen between May 20 and June 20 that triggered a sharp rally.
That breakout coincided with a bullish cross on the daily MACD, now close to repeating. TradingShot cautioned, however, that not all such setups have led to lasting gains.
If confirmed, the breakout could send $BTC to $140,000 in the short term, a roughly 25% gain from the breakout point. At the same time, the medium-term target, based on the 2.0 Fibonacci extension, is $148,000 by late September 2025.
Bitcoin’s key price levels to watch
Furthermore, analyst Michaël van de Poppe has noted Bitcoin’s momentum strengthened after breaking above $116,973, a key level for re-entering its prior trading range. This followed a rebound from the crucial $114,753 support, where liquidity was swept before buyers stepped in.
His August 10 analysis pointed to the next upside test near $119,200, a key resistance that could open the path toward retesting all-time highs if cleared. However, he warned Monday could see a retracement to close the CME gap before further gains.
At the current levels, traders are watching the $115,000 support zone, with sustained strength above it potentially paving the way to breach $120,000.
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