Key Points:

• A potential price correction of Bitcoin to $117,000 may happen before a new upward trend resumes.
• A prevailing chart pattern indicates that Bitcoin may aim for $145,000 in the coming months.

Bitcoin (BTC) recently peaked at $119,500 following a 10% increase from a local low of $108,650 just a week earlier. With its consolidated trading near $124,500, insights are calling for the possibility of new all-time highs soon.

Bitcoin’s Chart Pattern Points to $145,000

After hitting a max of $124,500 on August 14, the price dropped, forming a bullish “bull flag” on the daily chart, which signals an anticipated price surge despite lower pullbacks.

Recent analytics from Cointelegraph Markets Pro and TradingView, confirm Bitcoin’s breakout from this pattern, suggesting significant growth is on the horizon.

Analyst Insights

“Bitcoin’s bullish flag breakout is validated,” stated Captain Faibik, forecasting a mid-term target around $140,000.

Gladiator echoed this sentiment:

“This could get explosive and move fast.”

Should Bitcoin break free from its current price range, forecasts indicate it might surge by 22% toward approximately $145,400.

Despite the recent optimism, experts note that a revision to $117,000 might be necessary before the bullish trend can continue. According to Michael van de Poppe, this could mean a brief setback after liquidity sourcing throughout key price areas.

In conclusion, while optimism grows among analysts regarding Bitcoin’s price trajectory, maintaining support levels becomes critical for further gains. A substantial breakthrough above $120,000 could lead to unprecedented price heights exceeding $150,000, driven by market seasonal dynamics and institutional interests.