After Bitcoin (BTC) surged past the $110,000 mark in the last 24 hours, a trading expert is suggesting the next potential target could be $150,000 if technical indicators continue to align.
In this case, prominent online crypto analyst TradingShot observed that Bitcoin’s current rally has invalidated several short-term bearish patterns, confirmed key support levels, and broken through a critical resistance zone. This positions BTC for a potential 101% rally.
In a June 10 post on TradingView, the analyst noted that Bitcoin recently rebounded at the lower high trendline of a three-year ascending channel. This historically significant formation has often preceded explosive upward moves.
This bounce came at a crucial moment, aligning with the 50-week moving average (MA) and effectively dismissing a looming head and shoulders pattern. With that bearish setup out of the picture, momentum appears to have shifted back in favor of the bulls.
TradingShot emphasized that this price structure has now appeared thrice in Bitcoin’s ongoing ‘channel up’ formation. Each instance triggered at least a 101% gain. Notably, two of those rallies started from a similar lower-high rebound, just like the one Bitcoin completed last week.
From the April 7 bottom, a 101% rally would put Bitcoin at the $150,000 mark, a clean technical target supported by historical precedent, strong channel support, and renewed breakout momentum.
Bitcoin’s next key levels to watch
While the outlook is bullish, Finbold reported that analyst Michaël van de Poppe expects a brief consolidation phase, identifying the $107,000 to $108,000 range as an ideal buying opportunity before the next leg higher.
Meanwhile, analyst PlanB projects a June closing price of $130,000 if Bitcoin’s Relative Strength Index (RSI) reaches 75.
Adding to the optimism, investment firm Bernstein maintains a $200,000 price target, calling it a “high-conviction but conservative” forecast.
The firm cites growing institutional demand and broader market maturation. Notably, spot Bitcoin ETFs now manage over $120 billion in assets, highlighting BTC’s transition into a mainstream asset class.
Bitcoin price analysis
As of press time, Bitcoin was trading at $109,493, up more than 2% daily and over 4% weekly.
From here, reclaiming and holding the $110,000 level would open the path toward $115,000—bringing Bitcoin closer to a potential new all-time high.
Featured image via Shutterstock
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