Bitcoin’s momentum continues to accelerate, surpassing the $113,000 mark and prompting traders to forecast further gains, potentially reaching $150,000.

Key Analysis: Bitcoin broke above the $110,530 resistance, hitting a new all-time high at $113,788, according to crypto analysts.

Bullish Predictions Ignite

Bitcoin (BTC), trading above $113,788, has reignited optimism among market participants. 10x Research head Markus Thielen indicated on Cointelegraph that the asset has a 60% probability of rising more than 20% in the coming two months.

This optimism was amplified earlier in the week by Kyle Reidhead, co-founder of Milk Road, who suggested a $150,000 target during his post on X (formerly Twitter).

However, the question remains: Can the ascent continue, or would a new peak signal a false market tide (“bull trap”)?

Chart Technical Breakdown

Ethereal走势显示比特币（BTC/USDT）在周三突破关键技术阻力位 $110,530，并随后触及历史新高附近的水平 $113,788。

The development unfolds within an ongoing bullish inverse head-and-shoulders formation. Bears await a critical confirmation near the neckline around $113,800. Buyers must sustain momentum above this level to complete the pattern and pave the way for a potential rally towards the pattern’s target near $150,000.

Conversely, sellers are preparing for a counterattack below $110,530. A breakdown there could trigger a correction towards significant moving averages. A decisive breach below the 50-day simple moving average (SMA) at approximately $106,774 risks accelerating selling pressure. This, potentially coupled with negative divergence on the relative strength index (RSI), could accelerate towards price points near $100,000.

Bulls Ready the Next Hurdle

The bulls’ immediate priority is to maintain support above the psychological $112,000 barrier. Reaching this level could unlock further upside targeting the $116,571 zone.

The formation of bearish signals, notably a break below the key support at $110,530, would “signal profit booking by short-term buyers,” noted an analysis source. Subsequently, sellers would aim to reclaim the 50-day SMA near $106,774. A confirmed drop below this level could destabilize the pair, potentially sending prices sliding towards $105,000.