Bitcoin surged past the critical $110,530 resistance level to reach $113,788, triggering analyst projections of a potential rally toward $150,000. The breakout suggests strengthening bullish momentum rooted in technical indicators and positive market sentiment, though caution persists regarding correction risks.
Technical charts identify the 50-day simple moving average (SMA) near $106,774 as vital support. A sustained drop below $110,530 could accelerate downward momentum, potentially invalidating the current bullish structure.
Analysts Kyle Reidhead and Markus Thielen project significant upside potential, with Reidhead specifically targeting $150,000. Their assessments highlight favorable chart formations and growing institutional involvement as key catalysts.
Despite optimistic price targets, market risks persist. Weakening technical momentum or adverse macroeconomic events could trigger pullbacks, forcing leveraged positions to unwind and intensifying selling pressure.
Bitcoin exchange reserves continue declining concurrently with the price surge, signaling accumulation behavior by long-term holders. This reduction in immediately tradeable supply often precedes upward price movements by limiting market liquidity.
The convergence of technical thresholds and supply dynamics supports potential extended rallies, but traders are advised to closely monitor key support zones and macroeconomic signals for early reversal indicators.