Analyst sets date when Bitcoin will hit $148,000

Key Points

1. BTC has rebounded from its 50-day moving average near $111,000 and $118,500, with a potential breakout pattern similar to one seen between May 20 and June 20 that triggered a sharp rally.

2. A confirmed breakout could send BTC to $140,000 in the short term, a roughly 25% gain from the breakout point, with a medium-term target of $148,000 by late September based on the 2.0 Fibonacci extension.

3. Analyst Michaël van de Poppe noted Bitcoin's momentum strengthened after breaking above $116,973, a key level for re-entering its prior trading range, following a rebound from the $114,753 support level.

4. Van de Poppe pointed to the next upside test near $119,200 but warned of a possible retracement on Monday to close the CME gap before continuing upward.

5. At press time, Bitcoin traded at $118,600, up 1.2% in 24 hours and over 5% on the week, with traders watching the $115,000 level as BTC approaches $120,000.