The world’s leading digital asset has finally pulled off a much-anticipated breakout, and some analysts are already announcing their rather aggressive price targets.
Among the most vocal is Will Meade (@thechartdr), a full-time day trader and entrepreneur, who is calling a "textbook" technical breakout with a projected profit target of $90,000.
Bitcoin bullish textbook breakout right now, the projected PT from this breakout is $90,000. pic.twitter.com/PJhvlFmm1o
— Will Meade (@thechartdr) March 16, 2026For much of February and early March 2026, Bitcoin was trapped in a well-defined horizontal channel (indicated by the blue dashed lines on the chart).
This range-bound environment saw BTC ping-pong between a local floor of $63,000 and a stiff resistance ceiling at $72,800.
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Within this range, we saw multiple "higher lows." In early March, BTC made several attempts to breach the $74,100 level but was repeatedly rejected, leading to a "double top" look that scared away many short-term retail traders.
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Bullish momentum
Bitcoin is currently trading at $74,290 after the top coin managed to surge above the 50-day Exponential Moving Average (EMA 50) at $72,847. The EMA 50 is typically seen as the pivotal price level for mid-term momentum. Closing above this pivotal line would confirm bullish momentum.
Meade’s $90,000 target is derived from the "measured move" of the previous consolidation range.
When an asset breaks out of a channel, the height of that channel is projected upward from the breakout point. Given the roughly $10,000 depth of the $63,000-$73,000 range, a move to $83K is the first stop, with psychological momentum likely carrying it toward the $90,000-$94,000 zone where the 200-day Moving Average (MA 200) currently sits.
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