Categories: Bitcoin Latest News

Here’s What Will Happen If The Bitcoin Price Can Manage A Clean Break Above $108,500

A crypto analyst has forecasted a powerful Wave 3 Bitcoin price rally that could take it toward new all-time highs between $160,000 and $200,000. Notably, this surge is expected to come with rising Bitcoin Dominance (BTC.D) and a delayed altcoin season, particularly if BTC can make a clean break above the $108,500 resistance level. 

Bitcoin Price Breakout To Spark Next Bull Run

The Bitcoin price is currently hovering below a critical resistance level at $108,500, and according to a crypto analyst known as ‘BigMike7335’ on the X social media platform, a clean breakout and flip of this level into support could ignite an explosive Wave 3 bull run. Based on Elliott Wave Theory and Fibonacci Extension analysis, a successful move above this threshold could open the door to a bullish price surge with potential targets set in the $160,000 to $200,000 range.

The analyst’s chart shows that Bitcoin has already completed its Wave 1 of a five-wave impulse move, followed by an ABC corrective Wave 2. The market is also currently consolidating, and Bitcoin’s bullish momentum appears to be rebuilding. These positive developments are supported by a rising Stochastic Relative Strength Index (RSI) from the oversold region and a neutral-to-bullish RSI, both of which point toward upward price action.

Notably, the 0.618 and 1.0 Fibonacci Extensions around $117,795 and $137,421, respectively, are highlighted as interim resistance zones where price momentum could temporarily slow before continuing upward. A clean breakout above $108,500 could also place Bitcoin above a heavy volume node visible in the volume profile within the chart, suggesting less overhead resistance and a stronger potential for a price rally

Furthermore, the analysis implies that during this powerful Wave 3 phase, Bitcoin Dominance will likely climb toward 70%. This increase in BTC.D would mean capital is concentrating in the leading cryptocurrency, which historically results in altcoins underperforming. As a result, the expected altcoin season for this cycle may be postponed, following the completion or cooling of Wave 3. 

Analyst Predicts $375,000 Bitcoin Bull Run Peak

Crypto analyst TechDave has just sounded the alarm on what he calls the Bitcoin “launch signal”, a rare trigger that has only appeared four times in history and each time marked the start of major bull market rallies. This signal previously appeared in October 2012, July 2016, and July 2020—all preceding major upward moves that ended in new cycle peaks. 

Currently, the same signal is emerging this July, aligning with the previous cycle structures and reinforcing the expectation of a breakout phase. Notably, the formation has led to exponential gains, with each bull market run typically peaking months later. Following this historical pattern, TechDave now predicts a fresh cycle top for Bitcoin at $375,000.

[#item_full_content]NewsBTCRead More

Recent Posts

Bitcoin Demand Outstrips Supply Ahead of August Lull: Crypto Daybook Americas

By James Van Straten (All times ET unless indicated otherwise) Bitcoin (BTC) has dropped 3%…

5 hours ago

Bitcoin to Hit $135K by Year-End in Base-Case Forecast, $199K in Bullish Scenario: Citi

Wall Street bank Citi (C) refined its crypto valuation models to reflect the evolving dynamics…

7 hours ago

Bitcoin Pullback Remains Within Normal Volatility Range: Drawdown Analysis Shows No Signs Of Panic

Bitcoin is making its first meaningful move since breaking its all-time highs and reaching the…

7 hours ago

Bitcoin Price Bleeds As Galaxy Digital Unleashes $1.5 Billion Sell-Off

Bitcoin’s summer melt-up has come to an abrupt halt. The benchmark cryptocurrency slipped from an…

8 hours ago

Volmex’s Bitcoin and Ether Volatility Futures Top $10M Volume Since Debut as Traders Look Beyond Price

Futures tied to Volmex's bitcoin (BTC) and ether (ETH) implied volatility indices, BVIV and EVIV,…

13 hours ago

Bitcoin Slides to $115K as Dow Jones Rally Stalls at December-January High

Bitcoin's (BTC) price dropped early Friday, marking a bearish resolution to the recent range play…

13 hours ago