Bitcoin: towards an increase at $ 148,000?

Bitcoin lost 7.5 % after tapping the 123,250 dollars, briefly reviving fears of sustainable correction. However, some analysts see it as an ideal configuration, qualified as “Perfect Bottom”. For them, this technical decline would be less a signal of weakness than a strategic support point for a major rebound.

A technical withdrawal that could validate a bullish structure

Last Sunday, Bitcoin, weighed down by commercial tensions, returned to a level of critical technical support: its exponential mobile average at 50 days (EMA 50). This threshold, briefly pressed the day before, had already demonstrated its effectiveness as a dynamic medium last June, then triggering a rebound of 25 %.

For Bitbull analyst, this movement could announce a similar configuration: “Even a fall in the $ 110,000 to $ 110,000 zone could establish a perfect bottom for Bitcoin”he says.

This withdrawal area coincides with a technical consolidation phase rather than a trend reversal, and could, according to him, prepare the ground for a new upper impulse.

The technical elements currently in place reinforce this optimistic scenario, in particular thanks to the validation of a well -known graphic figure of traders: Inverted Head and Shoulders. This configuration, analyzed by Merlijn The Trader, presents several bruises signals:

• The crossing of the neck line of the figure, followed by a successful retest, a typical behavior before a continuation phase;

• A theoretical objective projected around 148,250 dollars, corresponding to the height of the figure;

• A convergence between this figure and the dynamic support of EMA 50, strengthening the solidity of the Haussier signal;

• A rehearsal of the diagram observed in June, where a 25 % rebound had followed a foray into this same technical level.

These technical convergences form a coherent analytical base to envisage a gradual return to the previous summits, or even their exceeding in a medium term horizon.

Whale movements consolidate an accumulation scenario

In addition to graphic signals, on-chain data confirm a well-known phenomenon of bull markets: the redistribution phase by large carriers.

According to A report published on Friday by cryptocurrencythe Bitcoin market has recorded a third significant wave of profits, marked by the sale of 80,000 BTC by an old whale. This massive transfer, valued at $ 9.6 billion, intervened in July, just after crossing the $ 120,000 threshold.

It follows two previous waves: the first when the ETF launch in cash in March 2024, and the second after the US presidential elections at the end of 2024, when crossing the $ 100,000.

These sales episodes are not necessarily announcing a lower reversal. As cryptocurrency reminds us, “Each wave of profits was followed by a period of moderate consolidation, for between two and four months, before a bullish resumption towards new heights”.

The behavior of whales is interpreted as a cyclic marker, punctuated by accumulation phases after market cooling. The fact that this new wave coincides with a contained drop in Bitcoin prices tends to strengthen the scenario of a market in the digestion phase, rather than in structural decline.

By crossing the technical analysis and the dynamics on-chain, it appears that the Bitcoin market could be engaged in a transition phase typical of the great bull cycles. The recent intervention of a whale, combined with stabilization around key technical supports, strengthens the idea of an in progress strategic accumulation. If this scheme was to be confirmed, the scenario of a bitcoin en route around 148,000 dollars, or even more, could become more than just projection.