Bitcoin May Retest $114,000 Support Zone Before Potential Rally Toward $160,000

Key Points

1. An inverted head-and-shoulders (IH&S) pattern on Bitcoin’s charts suggests a potential upward movement, with targets near $140,000.

2. A short-term pullback to the $114,000–$115,000 range is expected to solidify support before further gains.

3. The MVRV Z-Score indicates Bitcoin’s market value is not overheated, supporting projections of a climb toward $160,000.

4. Profit-taking by investors is seen as a precursor to further accumulation phases, reinforcing a bullish outlook.

5. Technical analysts highlight the importance of the $114,000–$115,000 range, aligning with the CME gap and IH&S neckline.