Bitcoin Targets $120K Amid Rising Bullish Momentum with Ascending Broadening Wedge

Bitcoin ($BTC) continues to make waves in the crypto market with a mounting bullish momentum. As per a crypto analyst, Bitcoin is going through an ascending broadening wedge pattern with a resilient support at the noteworthy $96K, aiming for $120K in the next weeks. The crypto analyst took to social media to reflect on Bitcoin’s current bullish outlook and the potential outcomes in the near future.

$BTC Ascending Broadening Wedge is Still in play on the Daily timeframe Chart..

As Bulls are still defending the Crucial Support 96k & According to Wedge I’m Still Expecting Bounce back from here..

Still I’m Bullish on Bitcoin & Expecting new ATH in coming weeks (Late Feb or… pic.twitter.com/AMRwNSB1Fo

— Captain Faibik 🐺 (@CryptoFaibik) February 9, 2025

Bitcoin’s Ascending Broadening Wedge Raises Possible Surge to $120K in Near Term

The daily market data about the $BTC/$USDT pair describes that the price action of Bitcoin is experiencing an ascending broadening wedge. The respective formation takes into account widening resistance and support levels. The development signifies heightened volatility while price moves upward. Irrespective of minor corrections and consolidation, Bitcoin has efficiently defended the lower trendline thereof. Thus, the bullish momentum is currently pushing Bitcoin toward the upper boundary with a projected price level of $120K.

At the moment, Bitcoin is changing hands at $96,911 which is a key level. In line with this, the analyst has stressed the requirement for a persistent hold above the respective range could drive Bitcoin toward the further major resistance region. An escape from this array could lead to new all-time high price levels before this year’s 1st quarter. Several macroeconomic and fundamental factors have contributed to the recent bullish outlook. They included institutional adoption, macroeconomic conditions, next Bitcoin halving event, and on-chin metrics.

Bitcoin Could Reach New ATH by Maintaining Position within Ascending Broadening Wedge

According to Captain Faibik, the present market structure of Bitcoin goes in line with former bullish cycles. This increases the possibility of an exclusive ATH to occur in February or March this year. If Bitcoin maintains the position above $96K within its latest ascending broadening wedge, traders can expect a jump to $120K.

Source