Bitcoin has confirmed a bullish breakout from a significant inverse head and shoulders pattern, pointing toward a potential price objective of $140,000 to $150,000. The decisive move came with a sustained breach above the critical $112,000-$113,000 resistance neckline.
The breakout gained strength from a notable 9.07% weekly price surge and heightened trading activity, evidenced by 24-hour volumes spiking to $42.7 billion. Increased accumulation by large holders, commonly known as whales, further supports the upward momentum.
Market analysis suggests a possibility of Bitcoin retesting the $112,000 neckline as support before advancing toward its target range. Such consolidation would reinforce foundation for subsequent gains.
This technical development aligns with historical bullish patterns and reflects strengthening market sentiment. The pattern completion signals growing confidence among traders and institutions, positioning Bitcoin for potential renewed appreciation cycles.