Bitcoin’s price action has market observers anticipating its next move. Some see a potential move toward $120k and beyond, but the trajectory might not be a walk in the park. While a breakout lately suggests more upside, there’s a need for caution as a pullback could come first.
What you'll learn 👉
BTC Forms Bullish Cup and Handle Pattern
Crypto analyst Mags (@thescalpingpro) identified a cup and handle formation on Bitcoin’s long-term chart, indicating a strong continuation pattern.
According to the expert’s chart, BTC broke out of the handle’s resistance near $69,000-$70,000, confirming the bullish setup. The pattern suggests a measured move target of $125k, derived from the price range between the cup’s bottom at $15,500 and the breakout zone.
Following the breakout, Bitcoin trades around $105,116, as per CoinGecko data, at press time. Mags noted that the recent consolidation phase is likely a retest of previous resistance, which could now act as support before another leg higher. The next key levels to watch include $110K-$115K, which could be crucial as BTC surges toward the projected price target.
How High Will Bitcoin Go Before a Correction?
XForceGlobal outlined two possible scenarios for Bitcoin’s long-term trajectory. The first is a classic five-wave impulse pattern, which aligns with previous bull market structures. The second possibility is an ending diagonal, a pattern that often signals market exhaustion.
$BTC
— XForceGlobal (@XForceGlobal) January 30, 2025
Medium Timeframe Analysis
These two scenarios, in my opinion, is currently how I believe the bull market is going to end!
1. Classic 5-wave impulse
2. Ending Diagonal (yet to be observed, still monitoring)
Subject to change, but it's very clear we are in a 5th wave of any… pic.twitter.com/0dVb6NnUXY
The analyst believes BTC is currently in a fifth wave, which typically marks the final push before a correction. Based on this framework, Bitcoin could rally toward $120,000-$150,000 before facing a steep pullback. The price action remains subject to change, but the overarching trend suggests a final rally phase before the market corrects.
Read also: Polygon (POL) Could Dip Another ~50% as Price Falls Below Key Support Level
Skepticism Over BTC’s Early Breakout
Not all analysts are convinced that Bitcoin’s breakout will sustain its momentum without further consolidation. Giant Bull expressed doubts about the weekly timeframe, suggesting that BTC might still be forming a bull flag rather than a confirmed breakout.
The analyst noted that a premature breakout is rare and could result in a fake-out if price action lacks the necessary consolidation phase. While Bitcoin’s trend remains bullish, some traders expect a pullback before a decisive move higher.
$BTC When I take a look on weekly timeframe the pattern cant convince me to go for breakout as I believe $BTC is forming a bull flag and it needs more consolidation prior the break out occurs
— Giant Bull (@Giant_Bull12) January 30, 2025
A breakout too early is rare to occur unless It turns to a fake out
I still expect… pic.twitter.com/fHZL1yHX5U
The current market structure suggests that price stability around key support levels could determine whether BTC can sustain its climb toward $120,000 and beyond or if a correction will precede the next breakout attempt.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
