Bitcoin (BTC) Price Prediction: After successfully breaking through the 50-day moving average, is a breakthrough of $120,000 possible?

According to Gate news, as reported by NewsBTC, Bitcoin (BTC) has regained its upward momentum, maintaining above $107,000, with market momentum heading towards the recent historical high of $111,000. As of the time of writing this article, the trading price of BTC is $107,242, having risen 1.3% in the past 24 hours and 2.7% in the past week. The market has rebounded after a brief fall last weekend, indicating that investor confidence remains strong in the next potential upward trend.

CryptoQuant analyst İbrahim COŞAR recently emphasized that Bitcoin has successfully reclaimed the 50-day Exponential Moving Average (EMA), which he described as a key level for tracking short-term price trends, contributing to a bullish outlook.

According to COŞAR's data, the 50-day moving average typically acts as a dynamic support level during pullbacks, and recovering this level usually indicates a price rebound. In past cycles, similar situations have led to a market rise of 10% to 20% shortly after the price recovers this level.

(Source: CryptoQuant, Trading View)

COŞAR further pointed out that Bitcoin regained support after briefly falling below the 50-day EMA, but then quickly reversed, closing above that level for three consecutive days.

This technical formation is similar to the situation before the previous significant rise. COŞAR also warned that although the technical structure favors a sustained rise, geopolitical uncertainties, especially those involving the United States, Israel, and Iran, could trigger sudden fluctuations.

Therefore, he suggests that market participants avoid leveraged positions in the short term and be prepared for potential price fluctuations.

COŞAR wrote: "Nevertheless, geopolitical dynamics—especially any positive or negative news involving the United States, Israel, and Iran—could trigger sudden fluctuations in BTC prices. During this time, please avoid using leverage and exercise caution in the face of potential market volatility."

BTC Technical Analysis

Independent cryptocurrency analyst Captain Faibik added that the price pattern of Bitcoin is forming a bullish flag, which is a common continuation pattern in technical analysis.

Faibik indicated that although the structure suggests a possible breakout, there may be a final corrective fall to the range of 97000 to 98000 before a recovery in the rising momentum.

He emphasized that confirming a breakout above the resistance level of $108,000 would be a key signal, potentially laying the foundation for a mid-term target of $130,000.

It is worth noting that, although short-term price predictions vary, both analysts agree on the overall trend: Bitcoin remains in a bullish phase supported by technical trends. These insights are consistent with the broader market sentiment, including an increase in capital inflows from institutional investors.

(Source: Trading View)