Bitcoin Eyes 30% Gain as Bullish Patterns Emerge

Bitcoin (BTC) has been fluctuating within a narrow price range of $107,000 to $110,000 over the past week, providing little insight into its next significant move. However, recent technical analysis indicates that the leading cryptocurrency may be on the brink of an upward breakout, potentially reaching a new all-time high (ATH).

According to a recent post by crypto trader Merlijn The Trader, Bitcoin appears ready to break out of a bullish descending broadening wedge pattern. The trader noted that if BTC can maintain support above the $104,000 level, it could target a potential high of $144,000. A descending broadening wedge is a bullish chart pattern characterized by two diverging trendlines sloping downward, where the price makes lower highs and lower lows over time. This pattern suggests increasing volatility and selling exhaustion, often leading to an upward breakout once resistance is overcome.

The two-day chart shows BTC adhering to this pattern since early January 2025. A significant reversal occurred in April, when Bitcoin surged from a local low of around $76,000 to over $100,000 in just a few weeks. Meanwhile, crypto analyst Ted Pillows shared a similar outlook, noting that Bitcoin just posted its highest-ever weekly close. He also highlighted that the Moving Average Convergence Divergence (MACD) indicator has formed a bullish cross, similar to the setup in Q4 2024. A MACD bullish cross occurs when the MACD line crosses above the signal line, signaling a potential shift from bearish to bullish momentum. This crossover is often seen as an early indicator of a price uptrend or buying opportunity.

Bitcoin experienced strong price appreciation in Q4 2024, climbing from approximately $58,000 on October 6 to $108,000 by December 15. At the time, the rally was also fueled by renewed market optimism following the victory of a Republican candidate in the US presidential election. While Bitcoin seems poised to set new ATHs in the near term, some analysts caution that a short pause in the uptrend may occur. For instance, seasoned analyst Ali Martinez observed that some long-term holders are beginning to take profits. Similarly, strong US employment data for June 2025 is likely to force the US Federal Reserve to delay interest rate cuts, which may result in a temporary price pullback in risk-on assets, including BTC. That said, Bitcoin’s weekly RSI continues to trend upward, offering bulls hope that a new high may be within reach. At press time, BTC is trading at $108,160, down 0.1% over the past 24 hours.