Key Insights:

• A potential price correction for Bitcoin may see it drop to $117,000 before rallying upwards.
• A classic chart pattern indicates that BTC could reach $145,000 in the upcoming months.

Bitcoin (BTC) reached a six-week peak of $119,500 last Thursday, registering a 10% uptick from a local low of $108,650 recorded just a week earlier. As Bitcoin continues to stabilize below its all-time high of $124,500, questions arise about whether it’s set for new highs soon.

Bitcoin Breakout Signals $145,000 Target

Following the surge to $124,500 on August 14, Bitcoin prices retracted to the $110,000 range, forming a bull flag on its daily chart. A bull flag is a continuation pattern that appears after a price ascent, leading to consolidation at a higher price level.

“This could get explosive and move fast,” said analyst Gladiator in a post on social media.

In his analysis, Captain Faibik noted that a confirmed breakout from the chart pattern would set the stage for Bitcoin to potentially reach $145,400, indicating a 22% rise from its current price.

Analysts Issue Cautions on Support Levels

Despite optimistic targets, there is speculation that Bitcoin might test its support at $117,000 before advancing. A liquidity map reveals bid clusters situated between $116,000 and $117,800.

If Bitcoin fails to maintain this support, it may risk dropping to $113,500. Ted Pillows remarked, “The only thing between BTC and a new ATH is the $120,000 resistance level.”

Readers are reminded that this article does not constitute financial advice. Always conduct thorough research before making investment decisions.