Key Points:
Analysts point out that the Bitcoin bull market still has room for growth, with a target range of $150,000 to $300,000.
BTC needs to clearly break through the $112,000 to $114,000 range to potentially trigger a rise to $140,000.
Bitcoin (BTC) suddenly dropped to $108,000 last week, a 13% pullback from its historical high of $124,500, raising market concerns that BTC prices may have peaked.
Despite the pullback, some analysts believe the Bitcoin bull market is still ongoing, citing its performance compared to gold.
According to Cointelegraph's ongoing reports, gold and the U.S. stock market have repeatedly hit new highs, while Bitcoin has been affected by liquidity factors, leading bulls to adopt a wait-and-see approach.
Analyst Milk Road Macro stated, "Bitcoin typically follows gold three to four months later."
Comparative analysis shows that both gold/USD and BTC/USD have formed ascending wedges, with gold breaking out in January.
Analysts added that in March, "BTC began to mimic gold's 'rise → pause → final sprint' pattern," marking it in the green area below.
Milk Road Macro further explained that gold has broken out with a rise of about 10%, while "Bitcoin can usually exceed this percentage gain by five to ten times."
They added that this means Bitcoin's potential increase could reach 50% to 100%, or $160,000 to $220,000.
Dan Tapiero noted that the BTC/XAU trading pair has formed a "huge cup and handle pattern" on the weekly cycle. This pattern may push Bitcoin into a new price discovery phase in the coming weeks.
Once it breaks the 37 XAU neckline, the BTC/XAU trading pair is expected to rise by 446%. Its measured target is 160 XAU.
This indicates that Bitcoin may experience a significant breakthrough in the coming months.
According to crypto investor Zynx's analysis, BTC/USD needs to rise to $150,000 to "match gold's historical high."
Zynx wrote, "Historically, Bitcoin has at least doubled when priced in gold, often far exceeding this level." He added, "I believe the probability of $300,000 is increasing."
Meanwhile, CryptoQuant special researcher XWIN Research Japan believes that Bitcoin is still in a bull market phase based on multiple on-chain indicators.
According to Cointelegraph Markets Pro and TradingView data, Bitcoin reached a high of $112,293 during intraday trading on Monday, regaining the $112,000 level. As of the time of writing, Bitcoin is priced at $112,233, up 2.4% in the past 24 hours.
According to AlphaBTC in its latest analysis on the X platform, "BTC broke through the downward trend line last night, squeezing all late shorts."
According to the attached chart, Bitcoin bulls are focusing on today's opening price of $112,000. If this level can be maintained, the price is expected to challenge the interim high of $114,000, showing significant rebound strength.
The 24-hour Bitcoin liquidation heatmap indicates that further price increases for BTC are likely to reach a dense buy order area. There are over $612 million in buy orders between $112,350 and $114,000.
Analysis suggests that it is highly probable to reach this liquidity range in the coming days. A breakout above $114,000 would signal the end of the adjustment.
According to Cointelegraph, if Bitcoin clearly breaks through the resistance range of $113,000 to $114,000, it will confirm a flag pattern breakout, opening up space for a push towards $140,000 in the coming months.
Related: Tether (USDT) and USDC dominate, with quarterly stablecoin inflows reaching $45 billion.
This article does not contain any investment advice or recommendations. All investment and trading activities involve risks, and readers should conduct their own research when making decisions.
Original article: “Analysts say the likelihood of Bitcoin (BTC) hitting the $300,000 target is increasingly likely”
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