Bitcoin Shakes Out Below Record High Amid Bullish Signs
Bitcoin (BTC) dipped approximately 7.50% amid post-all-time high consolidation following its record high of around $123,250 three weeks ago. Analysts posit this potential “shakeout” may precede a move towards the $150,000 mark.
50-Day EMA Holds as Crucial Support
On Sunday, Bitcoin reclaimed its 50-day Exponential Moving Average (EMA) resistance-turned-support level. This technical level previously held in June to catalyze a substantial 25% price rebound.
Analyst BitBull anticipates a similar scenario now, suggesting a consolidation into the $110,000-$112,000 zone might establish a “perfect bottom,” paving the way for the next significant price increase.
Inverted Head-and-Shoulders Pattern Points to $148K Target
The current support from the 50-day EMA aligns with the neckline breakdown of Bitcoin’s prevailing, but incomplete, inverted Head-and-Shoulders (IH&S) chart pattern.
After testing the neckline through recent volatility, BTC held as support and bounced, signifying a potential next phase in the breakout move. The IH&S pattern targets resistance near $148,250.
This level is close to the $150,000 target, frequently cited by analysts for 2025 and potentially achieved around October.
Whale Selloff Corroborates Bullish Thesis
On-chain data and analyst CryptoQuant suggest Bitcoin’s current consolidation might mirror previous profit-taking phases, which historically precede bull market breakouts.
Three significant profit-taking waves occurred, coinciding with the US spot ETF launch, the post-Trump election breakout, and the July 2025 sell-off of 80,000 BTC by an “old whale,” marking the third instance.
CryptoQuant reports that each prior profit-taking wave was followed by consolidation lasting 2-4 months, culminating in sustained new highs. They state the current phase indicates “a cyclical cooling period … preceding potential breakouts to higher prices.”
