Bitcoin Targets 116K-120K Rally Analysts Predict 9.77% Upside

Two prominent analysts have recently shared their bullish outlook on Bitcoin, both predicting a significant rally toward the $116,000–$120,000 range. The analyses, which were highlighted on July 3, focus on different technical chart setups but arrive at a similar bullish conclusion.

Lark Davis, a well-known analyst, identified a classic chart breakout pattern in Bitcoin's price movement. According to Davis, Bitcoin has broken out of a descending trendline, forming a symmetrical triangle or wedge pattern. This breakout, marked by an orange arrow on the chart, suggests a potential 9.77% upside, targeting the $120,000 level. The breakout is supported by technical indicators such as the MACD histogram flipping green and the MACD line crossing above the signal line. Additionally, the volume increased during the breakout, confirming the pattern's validity. Davis noted that this move could unfold within the coming days, with three key exponential moving averages—the 20-day, 50-day, and 200-day—all trending below the breakout point, signaling sustained bullish momentum.

Meanwhile, Garrett Patten, another analyst, shared a Bitcoin Elliott Wave setup that also points to a bullish continuation. According to Patten, Bitcoin is forming a classic i-ii, 1-2 pattern within a larger fifth wave structure. The 108,300–107,100 zone is labeled as critical support for wave 2 of wave iii. If Bitcoin holds above this region, Patten's chart shows a projected advance toward the 116,400 level, marking the expected completion of wave 3 within the ongoing impulse. The chart uses standard Fibonacci extensions to support this scenario, highlighting several key targets ranging from 111,000 to over 120,000. The MACD indicator shows upward momentum, and the RSI trends near the upper half, indicating bullish sentiment but not yet overbought. Patten’s wave count points to an unfolding third wave rally, often the most powerful in an Elliott Wave sequence, reinforcing the prior breakout pattern mentioned by Lark Davis and aligning both technical outlooks around a similar target zone above 116K.

In summary, both analysts' forecasts align around bullish momentum, with MACD and RSI confirming strength in the current market structure. The technical case for Bitcoin's next major rally is building, with both analyses pointing to a powerful move provided key support levels hold. The convergence of these technical indicators and chart patterns suggests a strong potential for Bitcoin to reach the $116,000–$120,000 range in the near future.