Bitcoin to Smash $138,000—Historically Bullish Signal Suggests Bullish Reawakening ⋆ ZyCrypto

Leading cryptocurrency Bitcoin might be gearing up for the next bull run, despite recently setting a new ATH this July. The bullish outlook shared by a prominent market analyst reveals that Bitcoin is taking off from levels visited in the last quarter of the previous year, one that could position the asset for a run to never-before-seen levels.

Bitcoin has begun to consolidate, but this time, the asset is consolidating above the December 17, 2024, pivot trend-line. Per the observation made on X, by prominent analyst TradingShot, the aforementioned trend line initially kicked off as a massive resistance.

Although the trend pattern delivered two key rejections, as the analyst noted, it has flipped into Support during this consolidation phase.

Maintaining his bullish outlook, the analyst remarks that the 1 day MA50 displayed in the chart below in the blue-trend line, is poised to pivot the previous trend-line, and could go on to confirm this level as a new Support.

Expressing certainty in his stance, TradingShot stated that the Support level price level could be heading for a bullish leg towards the 1.5 Fibonacci extension with a base price of $138,000—a move that will be a mirroring of the uptrend witnessed back in April and May, which included an accumulation phase.

Another recent analysis from a prominent market figure outlines the path Bitcoin must take to remain in a bullish uptrend.

According to a post shared on X by investment firm Alphractal, Bitcoin has not broken through key resistance levels on the Long Term Power Law Chart—an indicator created by analyst Joao Wedson that uses a logarithmic scale on two axes.

The trend lines are especially notable for their historically accurate mapping of support and resistance and have subsequently guided Bitcoins price trajectory over the past years.

Per the analysts declaration, in order for Bitcoin to continue in a bullish trajectory, the asset must cross the $122,000 price mark, which presently functions as the top on the long-term lower low chart.