BTC Soars Past $110K, Analysts Predict Continued Rally to $150K Amid Market Optimism

Bitcoin (BTC) prices climbed over 10% since mid-June, breaching the $110,000 mark before receding slightly to recent trades around $109,400.

Technical Rally and Market Cap Surge

Bitcoin’s latest recovery occurred concurrently with a market-wide crypto rally, pushing the global crypto market capitalization above $3.4 trillion for the first time since May 29.

Data from Cointelegraph Markets Pro and TradingView shows the price of Bitcoin rising 1.7%, trading at $109,400 at the time of writing, from a low of $108,400 reached on June 10.

On June 11, BTC briefly touched the $110,000 threshold, sparking renewed market interest as the total crypto market cap surpassed $3.4 trillion, signaling growing investor confidence.

The significant price increase occurred alongside a broader market rally, lifting the global crypto market capitalization above $3.4 trillion. This figure hasn’t been reached since May 29.

Analyst Views: Chart Patterns Point Toward Higher Targets

The recent price climb has emboldened analysts and traders, many of whom now hold that the cryptocurrency is positioned to challenge significant resistance levels and potentially target new all-time highs.

$120K-$150K: Optimistic Price Targets

Analysts such as Jelle (@JelleOnCrypto) recently suggested Bitcoin was “ready for acceleration,” noting:

“A few months of up only with a blow-off cherry on top?”

If resistance at $108,900 holds, Jelle anticipates targets near $120,000 and potentially up to $140,000-$150,000.

Michael van de Poppe of MN Capital (@CryptoMichNL) indicated the potential for accelerating gains if the $110,500 level is breached, echoing a pattern seen following recent breakouts:

“Above this level would mean we start accelerating the price action toward new ATHs, just like the previous break above $106,500 accelerated the price toward $108,000.”

Fellow analyst Mags also noted the formation of a cup-and-handle pattern in the weekly timeframe, suggesting a $125,000 price target. Simultaneously, analysts identified bullish patterns on daily charts, projecting reaches as high as $140,000.

The $1 Million Prediction

Bloomberg reported that Michael Saylor, CEO of MicroStrategy, declared “Winter is not coming back,” adding:

“He predicts it could reach $500,000 to $1 million as daily demand outpaces miner supply and institutional adoption accelerates.”

In a June 10 interview, Saylor argued that growing institutional interest and Bitcoin’s fixed supply are key factors driving its value. MicroStrategy, which purchased Bitcoin in 2020, has accumulated approximately 582,000 BTC worth over $63.85 billion.

Other analysts from ARK Invest have raised targets dramatically, suggesting a potential Bitcoin price of $2.4 million by 2030. Anthory Scaramucci of SkyBridge Capital forecast $500,000 per BTC, while Bitwise Europe’s Andre Dragosch predicts $200,000 in 2025 and $1 million by 2029.

Market Structure: Short-Term Support and Resistance

The Binance BTC/USDT liquidation heatmap reveals key resistance around the all-time high territory.

AlphaBTC (@AlphaBTC) commented on the market structure:

“$BTC is struggling to break through that 110K level and may need a longer consolidation before it has the energy to take out the ATH.”

Given the elevated concentration of liquidation orders around the $112,000 mark, analysts advise caution citing the risk of “liquidation squeezes” versus sustained price appreciation.

A high concentration of liquidations is visible near the all-time highs around $112,000, with the yellow area indicating a cluster of leveraged positions, suggesting it’s a key resistance level.