Bitcoin News Today: Bitcoin Surges 35% in Bullish Breakout, Targets $160,000

Bitcoin has confirmed a bullish breakout from an inverse head and shoulders pattern on the weekly chart, with analysts setting targets between $140,000 and $160,000. This pattern, recognized by several analysts, indicates a strong upward momentum for the cryptocurrency. The price has moved swiftly from below $90,000 to above $120,000, forming a series of higher lows and higher highs, which is a classic sign of a bullish trend.

The breakout from the inverse head and shoulders pattern occurred near the $113,000 mark, with the neckline zone between $114,300 and $115,600 acting as a potential retest area. Analysts believe that a bounce from this level would confirm the strength of the breakout and support the continuation towards the higher targets. The current price of Bitcoin is around $118,464, indicating a strong upward trend.

Technical indicators such as the Relative Strength Index (RSI) and the Market Value to Realized Value Z-Score (MVRV Z-Score) support the bullish outlook. The RSI has cooled to 65, down from recent overbought levels, allowing room for further upside. The MVRV Z-Score remains below historical peak zones, indicating that the price is not yet overheated. These indicators suggest that there is still room for Bitcoin to rise further before it reaches overbought levels.

Analysts are tracking several key resistance levels, including $131,000, $144,000, and $158,000. These levels will be crucial in determining the extent of the bullish momentum. The market cap of Bitcoin has reached $2.38 trillion, showing rising investor interest despite the recent pullback. Institutional inflows continue to support the rally, while on-chain data shows reduced volatility, further supporting the bullish outlook.

With the inverse head and shoulders breakout confirmed, analysts are watching for Bitcoin to approach the $140K–$160K zone in the coming months. The bullish structure and strong momentum suggest that Bitcoin is on track to reach these targets, barring any significant market disruptions. The current technical indicators and on-chain data support the bullish outlook, making it a favorable time for investors to consider Bitcoin as a potential investment opportunity.