Bitcoin Targets $135,000 as Analyst Sees Bullish Trend

Renowned technical analyst Katie Stockton, founder and managing partner at Fairlead Strategies, has announced a new price target for Bitcoin. According to Stockton, Bitcoin has reaffirmed both its cyclical and long-term uptrends by breaking out to new highs. This development has led Stockton to project that Bitcoin could surge to as much as $135,000. The analyst identified a cup-and-handle pattern following the breakout above $111,000, which further supports this optimistic outlook. Stockton's analysis suggests that Bitcoin's recent price movements indicate a strong bullish trend, with the potential for significant gains in the near future. This new price target reflects the analyst's confidence in Bitcoin's continued upward trajectory, driven by both technical indicators and broader market trends.

According to the analyst, this rise is seen as a positive development from a technical perspective as the resistance levels have been broken and it points to the potential for a moderate rise for Bitcoin to around $134,500 in the medium term. Weekly MACD data suggests continued positive momentum in the intermediate term, while stochastic indicators also support a near-term uptrend. Bitcoin's new support level is currently around $108,300, which previously served as resistance. Stockton notes that such technical breakouts typically trigger long-term uptrends after a brief period of consolidation. A similar example of a “golden cross” in Bitcoin in November 2024 supported a strong rally that followed a several-week correction.

This surge in the cryptocurrency market wasn't limited to Bitcoin; stocks with exposure to cryptocurrencies also experienced similar momentum. Many of these stocks exhibit a strong positive correlation with Bitcoin. Among the most notable are MicroStrategy and Coinbase, which have seen significant gains alongside Bitcoin. Stockton's analysis underscores the broader market impact of Bitcoin's price movements, highlighting how the cryptocurrency's performance can influence related assets and sectors.