Bitcoin Surges 4.03% in 24 Hours, Eyes $148K Target

Bitcoin has been trading above a critical resistance level, sparking optimism for a potential breakout phase. Analysts have identified bullish technical patterns that suggest a major upward move could be underway. With Bitcoin nearing its all-time high, market sentiment is shifting toward price discovery. Rising volume and consistent support above $109,000 may signal momentum for further gains. However, some analysts caution that Bitcoin must stay above key levels to maintain its bullish structure.

Analyst Super฿ro noted an inverted ascending scallop formation on the BTC weekly chart, tracking the pattern since February. This formation typically begins with a short-term drop, followed by a rounding bottom and a steep upward climb. According to his analysis, BTC has entered the final phase, where higher targets become the focus. Super฿ro suggested a weekly close above $109,358 confirms the bullish pattern. If confirmed, a linear target of $148,000 emerges based on measured price movement. A more aggressive projection points to $244,000, supported by logarithmic growth trends. Both targets rely on BTC maintaining strength above the breakout zone.

Trader Daan Crypto Trades outlined a broader price structure forming between $90,000 and $108,000. He explained that remaining above $90,000 is essential to retain the current bullish cycle structure. He added that any move back above the top of this range, especially with volume, could spark the next stage of price discovery. Until such a move materializes, Bitcoin remains within its previous trading range, risking further chop in the short term.

At press time, Bitcoin is trading at $110,394. This reflects a 4.03% increase in 24 hours and 5.21% over seven days. The surge positions Bitcoin just 1.7% below its all-time high. Additionally, Bitcoin’s trading volume has spiked by over 115% in a day, signaling increased buying interest. This rise in volume supports the case for potential continuation, provided BTC holds above key resistance. If bullish pressure persists, BTC may soon move into uncharted territory.

Analysts agree that Bitcoin’s short-term direction depends on how it closes the current weekly candle. A decisive finish above $109,358 would validate bullish technical formations. If the level fails to hold, BTC could fall back into a prolonged consolidation. Despite short-term fluctuations, Bitcoin continues to show strength in the broader market. Both technical signals and on-chain activity point toward a possible breakout, with price targets ranging from $148K to $244K.