Analysts Eye $148K As New BTC Target

Bitcoin lost 7.5 % after nearly touching $123,250, briefly reviving fears of a lasting correction. However, some analysts see an ideal configuration, described as “perfect bottom”. For them, this technical pullback would be less a sign of weakness than a strategic springboard announcing a major rebound.

A technical pullback that could validate a bullish structure

Last Sunday, Bitcoin, weighed down by trade tensions , regained a critical technical support level: its 50-day exponential moving average (EMA 50). This threshold, briefly breached the previous day, had already proven effective as a dynamic support last June, triggering a 25 % rebound.

For analyst BitBull, this move could signal a similar configuration : “even a drop in the $110,000 to $112,000 zone could establish a perfect bottom for Bitcoin”, he states.

This pullback zone coincides with a phase of technical consolidation rather than a trend reversal, and could, according to him, set the stage for a new bullish impulse.

The technical elements currently in place reinforce this optimistic scenario, notably through the validation of a well-known chart pattern among traders: the inverted head and shoulders. This configuration, analyzed by Merlijn The Trader, presents several bullish signals :

• The breakout of the pattern’s neckline, followed by a successful retest, a typical behavior before a continuation phase ;

• A theoretical target projected around $148,250, corresponding to the height of the pattern ;

• A convergence between this pattern and the dynamic support of the EMA 50, strengthening the robustness of the bullish signal ;

• A repetition of the pattern observed last June, where a 25 % rebound followed a dip below this same technical level.

These technical convergences form a coherent analytical basis to consider a gradual return to previous highs, or even their surpassing in a medium-term horizon.

Whale movements reinforce an accumulation scenario

Alongside the chart signals, on-chain data confirm a well-known phenomenon of bullish markets: the redistribution phase by large holders.

According to a report published Friday by CryptoQuant , the Bitcoin market recorded a significant third wave of profit-taking, marked by the sale of 80,000 BTC by a former whale. This massive sale, valued at $9.6 billion, took place in July, just after breaking the $120,000 threshold.

It follows two previous waves: the first at the time of the launch of spot ETFs in March 2024, and the second after the 2024 US presidential elections, during the breach of $100,000.

These selling episodes are not necessarily indicative of a bearish reversal. As CryptoQuant reminds us, “each wave of profit-taking was followed by a period of moderate consolidation, lasting between two and four months, before a bullish recovery towards new highs”.

The behavior of whales is interpreted as a cyclical marker, paced by accumulation phases after market cooling. The fact that this new wave coincides with a contained drop in the Bitcoin price tends to reinforce the scenario of a market in a digestion phase, rather than in structural decline.

Crossing technical analysis with on-chain dynamics, it appears the Bitcoin market could be engaged in a typical transition phase of major bullish cycles. The recent intervention of a whale, combined with stabilization around key technical supports, strengthens the idea of ongoing strategic accumulation. If this pattern were to be confirmed, the scenario of Bitcoin headed towards $148,000, or more, could become more than just a simple projection.