Bitcoin (BTC) is attracting renewed attention as it hovers around $110,000, with technical formations and macroeconomic catalysts fueling speculation about a potential surge.
Traders and analysts are closely monitoring BTC’s price action, with some projecting an ambitious target of $250,000 by December.
On the daily chart, Bitcoin is displaying a classic bullish pennant, a continuation pattern formed after a strong uptrend followed by consolidation between converging trendlines. This setup often precedes another upward move if resistance levels break.
BTC eyes a crucial breakout as bulls target upside from a bullish pennant next week. Source: @cas_abbe via X
Charting analyst Cas Abbé highlighted the scenario on social media: “$BTC bullish pennant formation. Next week is going to be very crucial. Bulls are expecting a breakout to the upside, while bears are expecting more pain.”
Current consolidation around $110,000, coupled with growing trading volumes, indicates building momentum. Short-term projections from technical analysts suggest Bitcoin could first test $134,000, supported by positive retail inflows and overall market optimism.
Some market observers are now projecting that Bitcoin could reach $250,000 by year-end, though this would require a 127% surge from current levels. To put this in perspective, the largest monthly gain in Bitcoin’s history—during October 2021—was roughly 89%.
Is this really Bitcoin headed to $250K by December? Source: @ali_charts via X
While technically possible, achieving such rapid growth depends on multiple factors. Analysts caution that the market is exposed to $4.2 billion in short positions, which could limit upside momentum. Additionally, potential consolidation above $105,000 remains a realistic scenario before any further advance.
A potential macro catalyst is a recent $29 billion liquidity injection by the Federal Reserve, executed through overnight repo operations. Historical parallels suggest that similar actions in 2020 preceded Bitcoin’s all-time high, raising optimism among traders.
Fed Injects $29B—Could Bitcoin ($BTC) Repeat 2020’s All-Time High? Source: @Danny_Crypton via X
While the exact impact of the Fed’s intervention is still debated, liquidity injections historically tend to support risk assets, including Bitcoin. Investors see the move as a potential trigger for another leg of BTC’s rally, reinforcing bullish sentiment in the market.
Despite these bullish signals, Bitcoin faces notable risks. A failure to maintain support in the $105,000–$108,000 range could trigger a pullback toward $100,000. Technical indicators, including the daily RSI, show some weakness, highlighting short-term vulnerability.
Additionally, the historical success rate of bullish pennants is around 54%, meaning nearly half of breakouts either fail or underperform expectations. Traders should remain cautious, balancing potential upside with the risk of sudden volatility.
If Bitcoin successfully breaks above the $115,000–$120,000 resistance zone, the next targets could range between $135,000 and $150,000 in the near term. Sustained momentum, supported by macro liquidity and retail participation, could make a run toward $250,000 feasible, although it remains a high-risk scenario.
Bitcoin (BTC) was trading at around $110,230, up 1.19% in the last 24 hours at press time. Source: Bitcoin Price via Brave New Coin
Conversely, if Bitcoin loses key support levels or broader market conditions turn adverse, it may enter a prolonged consolidation phase. In such a case, price movements could stabilize around $105,000–$110,000 before resuming any major trend.
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