Bitcoin is showing renewed strength as a classic technical breakout pattern ignites bullish momentum, with traders and analysts debating whether the cryptocurrency is gearing up to challenge its all-time high.
The price of Bitcoin today hovers near $123,810, boosted by rising trading volume and institutional demand. Market watchers now weigh the impact of a cup-and-handle breakout against looming resistance levels to assess the cryptocurrency’s next move.
Bitcoin price today continues to show strength, trading around $123,810 after a sharp breakout. Data from Brave New Coin highlights a 3.15% daily gain, adding nearly $3,800 in value and pushing the cryptocurrency’s market cap higher. Trading volume also surged above $76 billion, signaling increased investor activity.
Bitcoin (BTC) was trading at around $123,810, up 3.15% in the last 24 hours at press time. Source: Bitcoin Price via Brave New Coin
The latest BTC price prediction discussions center on whether this breakout could open the path toward a new Bitcoin all-time high (ATH), supported by technical indicators and growing institutional inflows.
Crypto trader @CryptoKing4Ever described Bitcoin’s short-term setup as “as clear as it gets,” pointing to a textbook cup-and-handle formation on the 1-hour chart. According to the analysis, Bitcoin broke out with a swift 5% move from $118,000 to $120,000 and is now holding firmly above its uptrend line.
Bitcoin forms a clear cup-and-handle pattern on the 1H chart, surging 5% and holding the uptrend, signaling bullish momentum toward $126K. Source: @CryptoKing4Ever via X
Cup-and-handle patterns, often considered bullish continuation signals, have a 60–70% success rate in trending markets, especially when supported by rising trading volume. In Bitcoin’s case, the breakout is viewed as a potential driver toward higher price levels, with optimism fueled by ETF inflows and long-term investor accumulation.
“The road to $126K is wide open. The trend is your friend,” noted CryptoKing, reflecting growing market confidence despite ongoing short-term volatility.
Not all analysts are convinced that the breakout guarantees further upside. Market watcher @ali_charts cautioned that Bitcoin is currently testing a key resistance zone around $123,450 for the third time since July.
BTC faces key resistance for the third time, raising the possibility of forming a triple top pattern. Source: @ali_charts via X
“Third time’s the charm…?” Ali asked, referencing the possibility of a triple top formation, a bearish reversal pattern that historically succeeds 65–75% of the time when volume declines.
Triple tops are rare in Bitcoin’s history, but previous examples—such as in 2021—were followed by sharp corrections. Still, analysts warn that applying traditional chart patterns to Bitcoin must be done carefully, as crypto markets often defy conventional rules amid strong momentum and liquidity inflows.
Adding to the bullish case, trader Kamran Asghar highlighted a breakout on the daily chart, suggesting a move toward $133,000 using the 2.618 Fibonacci extension level. According to Asghar, “This move won’t wait. Follow the projected path to a new high.”
BTC is breaking out with momentum, aiming for $133K, signaling a swift push toward a new all-time high. Source: @Karman_1s via X
Fibonacci extensions are widely used in technical analysis to project potential price targets. While studies show these levels can aid trading strategies with improved profitability, academic research also warns that crypto markets frequently violate Fibonacci projections due to volatility and unpredictable liquidity shocks.
The short-term BTC price prediction suggests a battle between bullish continuation from the cup-and-handle breakout and bearish risks tied to a potential triple top resistance. Analysts agree that a confirmed breakout above the $123,450–$124,000 range could clear the path toward retesting Bitcoin’s ATH.
BTC tests the breakout, showing strong momentum as traders eye a potential rise toward $126,700. Source: @PeloSwing via X
Meanwhile, a rejection at this level might trigger a pullback, offering lower entry points for investors still eyeing long-term gains. The overall trend remains constructive, supported by ETF-driven liquidity, institutional buying, and strong on-chain metrics.
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