Bitcoin’s Bullish Blueprint: Two Analysts, One $120K Target

A strong technical case is building for Bitcoin’s next major rally, as analysts have identified technical chart setups pointing to a rally toward the $116,000–$120,000 range. The bullish sentiment on Bitcoin is supported by the following analytical methods that clearly show a powerful move provided key support levels hold.

BTC bullish outlook was highlighted on July 3 by two separate analyses, one focusing on a classic chart breakout and the other on a complex Elliott Wave structure, both arriving at a similar bullish conclusion.

The Breakout: A Classic Pattern Signals a 10% Upside

Lark Davis, known as @TheCryptoLark on X, shared a Bitcoin chart on July 3 showing a clear breakout above a descending trendline.

According to Davis, this move could signal a significant rally toward the $120,000 level.

Bitcoin Breakout Chart. Source: @TheCryptoLark on X

The chart shows Bitcoin breaking out of a symmetrical triangle or wedge pattern. Davis highlighted this breakout with an orange arrow and a projected 9.77% upside. The breakout target aligns with the potential move size calculated from the pattern’s height.

Technical indicators support the bullish outlook. The MACD histogram flipped green, while the MACD line crossed above the signal line. Volume increased during the breakout, adding confirmation to the pattern.

Davis did not provide a specific timeline for the projected move but noted it could unfold within the coming days.

The chart displays three key exponential moving averages—the 20-day, 50-day, and 200-day—all trending below the breakout point. This alignment signals sustained bullish momentum in the current market structure.

Elliott Wave Chart Suggests $116K Bitcoin Target in Ongoing Wave Structure

Meanwhile, analyst Garrett Patten shared a Bitcoin Elliott Wave setup pointing to a bullish continuation. According to his July 3 update, BTC is forming a classic i-ii, 1-2 pattern within a larger fifth wave structure. Patten labeled the 108,300–107,100 zone as critical support for wave 2 of wave iii.

Bitcoin Elliott Wave Projection. Source: @garrettpatten on X

If Bitcoin holds above this region, his chart shows a projected advance toward the 116,400 level, marking the expected completion of wave 3 within the ongoing impulse. The chart uses standard Fibonacci extensions to support this scenario, highlighting several key targets ranging from 111,000 to over 120,000.

Related: Bitcoin (BTC) Price Prediction For July 2025

Below the price chart, the MACD indicator shows upward momentum. RSI also trends near the upper half, indicating bullish sentiment but not yet overbought.

Patten’s wave count points to an unfolding third wave rally, often the most powerful in an Elliott Wave sequence. This structure reinforces the prior breakout pattern mentioned by Lark Davis, aligning both technical outlooks around a similar target zone above 116K.

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