Bitcoin ($BTC) is nearing a pivotal moment in terms of its long-term trajectory. Particularly, Bitcoin ($BTC) is aiming for a price rise to $141K after a speculated breakout above the $124K mark. As per Aksel Kibar, a Chartered Market Technician, the leading crypto asset shows the potential to soon surge above the $124K spot. In this respect, such a breakout could lead to another price rally to the $141K figure amid the building of bullish momentum.
Bitcoin to Hit $141K If Successfully Surges Past $124K
Bitcoin’s ($BTC) on-chain price data presents a 6-month-long inverse head-and-shoulders continuation pattern. The respective pattern contains a neckline at $109K with $141,300 as projected target. Additionally, the pattern formation follows a sequence that reportedly reversed the bear cycle of 2022, starting with a head-and-shoulders bottom. At the moment, the confirmation of a noteworthy breakout needs a decisive weekly price close. While the current price of Bitcoin ($BTC) is nearing $119K, it displays a strong potential for a huge upswing in the near future.
Market Onlookers Watch for $BTC’s Landmark Breakout
According to Aksel Kibar, despite several price resistance levels, the overall outlook of Bitcoin ($BTC) is optimistic, raising the chances for a breakout. In this case, a successful surge above the $124K spot could lead to a new bull run with the price target of the massive $141,300. In the meantime, the investors and traders are keenly watching Bitcoin’s move toward such critical thresholds.
