Bitcoin Successfully Retests Bullish Megaphone Pattern – Is A Breakout Imminent?

Key Points

1. Bitcoin recently retested a bullish megaphone pattern, suggesting a potential breakout to the upside if resistance levels are broken.

2. Analysts predict that a decisive breakout above $112,000 could propel BTC into a higher price range, with some projecting targets up to $240,000.

3. Over $30 million in short positions could be liquidated if BTC surges past $111,000, potentially triggering a short squeeze and rapid price increase.

4. Despite short-term losses, BTC's long-term technical indicators, such as the three-year trendline, suggest continued upward momentum.

5. At press time, BTC was trading at $107,701, down 1.6% over 24 hours, but analysts remain optimistic about its future price movement.