Market observers argue that Bitcoin’s latest pullback looks more like a breather than a reversal. TradingView data shows that BTC continues to trade near all-time highs around $124,800, maintaining a solid 10% gain over the week. Technical models suggest that the asset has now turned a once‑formidable resistance zone into a new layer of support – a key sign of trend strength.
Analysts at TradingShot say the chart structure mirrors the same setup that preceded Bitcoin’s major breakout in mid‑2023. They highlight a consistent pattern of higher lows backed by the 50‑week moving average, which historically signals continuation during extended bull phases. If this trend plays out again, the next upside target sits near $160,000 – a level aligned with long‑term Fibonacci projections.
Historical patterns hint at higher extremes
Some strategists, however, are looking even further out. Pseudonymous analyst Mikybull believes Bitcoin’s current trajectory echoes the explosive rise of gold during the inflationary 1970s. In that decade, gold’s price multiplied several times over as investors sought refuge from currency debasement and economic instability – conditions that many say are now reemerging.
By applying classic speculative models, Mikybull places Bitcoin’s potential top closer to $200,000, arguing that the market may be entering its euphoric stage – the phase where conviction and speculation converge.
Macro backdrop fuels optimism
The bullish outlook isn’t built on technicals alone. With inflation persisting globally and central banks hinting at further rate cuts, capital is once again rotating toward scarce, hedge‑like assets. Gold and Bitcoin have both benefited from this trend, with investors increasingly viewing BTC as a digital counterpart to the precious metal.
If current conditions hold, analysts say Bitcoin could revisit six‑figure territory before the end of next year – and possibly push beyond it as institutional inflows accelerate. The next few months may determine whether this cycle delivers another historic run or marks the beginning of Bitcoin’s long‑awaited consolidation phase.
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