Bitcoin Targets $114,000 and $120,000 as Bullish Pattern Forms

Bitcoin has recently formed a rounded bottom near $104,000, indicating a potential upward trajectory with targets set at $114,000 and subsequently $120,000. This pattern suggests that Bitcoin is consolidating before its next significant move, which is often seen as a bullish signal. The formation of this base pattern is drawing comparisons to earlier continuation setups that preceded price surges above $100,000.

Buyers have continued to defend the recent lows, with Bitcoin starting to show signs of new strength in the upper range. The price broke from a triangle structure earlier in June, leading to a sharp climb toward $108,000 before a mild retracement. The current move is now forming the next leg, according to the upward projection marked on the latest chart. If momentum continues, $114,000 becomes the first major resistance zone, followed by a potential test of $120,000.

The expected path outlines a price climb into late June and early July. Traders are closely watching the reaction around the $108,000 to $110,000 level, which could unlock higher moves if cleared. Market behavior around this zone will confirm whether buying momentum is enough to carry the price to $114,000. The projection further extends to $120,000, which would represent a new price milestone for 2025.

Analysts are optimistic about a rebound, with some predicting that Bitcoin could reach its next peak in the summer of 2025. This forecast is influenced by the 52-week Simple Moving Average (SMA), which is expected to intersect with the midpoint of the logarithmic growth channel. Crypto analyst Dave The Wave suggests that Bitcoin follows a logarithmic growth curve, reaching peaks when the SMA hits the channel's midpoint. This aligns with forecasts projecting Bitcoin to reach $200,000 by mid-2025.

Bitcoin Munger has identified buy walls between $85,000 and $92,000, predicting that $110,000 is achievable. Rekt Capital and Daan Crypto Trades also foresee a recovery, although there are concerns about a bearish pattern that could drive prices down to $80,000. The presence of these buy walls suggests that there is significant interest in buying Bitcoin at these levels, which could help drive the price higher.

The potential for Bitcoin to reach $114,000 and $120,000 is based on several factors, including the formation of the base pattern, the presence of buy walls, and the historical price movements of Bitcoin. The 52-week SMA is also expected to play a role in the price action, with the intersection of the SMA and the midpoint of the logarithmic growth channel seen as a key indicator of a potential peak.

However, there are also concerns about a bearish pattern that could drive prices down to $80,000. This pattern is based on historical price movements and technical analysis, which suggest that Bitcoin could experience a correction before reaching its next peak. The presence of this bearish pattern highlights the volatility of the cryptocurrency market and the need for caution when investing in Bitcoin.

In conclusion, the formation of the base pattern in Bitcoin suggests a potential upward trajectory with targets set at $114,000 and $120,000. This development is supported by technical analysis and historical price movements, which indicate that Bitcoin is consolidating before its next significant move. However, there are also concerns about a bearish pattern that could drive prices down to $80,000, highlighting the volatility of the cryptocurrency market. Investors should exercise caution and conduct thorough research before making any investment decisions.