Bitcoin recently surged past its previous all-time high of $112,000, triggering renewed interest from technical analysts who suggest the ascent is part of a classic cup-and-handle pattern. This bullish chart formation, seen by experts as indicative of continuation after consolidation, has some forecasting a push as high as $150,000 by year-end—if momentum and inflows hold.
On July 9, Bitcoin crossed the $112,000 threshold—the upper “rim” of the cup—after weeks of tight price consolidation. According to Milk Road co-founder Kyle Reidhead, this breakout validates the cup-and-handle formation. He tweeted, “See you at $150k,” reinforcing expectations that once Bitcoin reclaims its high, it could proceed toward much higher levels.
Market sentiment mirrored technical optimism; Cointelegraph’s sentiment index rose to a “Greed” reading of 71, suggesting bullish conviction is strengthening.
Historically, a cup-and-handle pattern begins with a rounded decline and recovery (the “cup”), followed by a short retracement (the “handle”), before a breakout above the rim triggers, typically, a rise equal to the cup’s depth . In Bitcoin’s case, the cup is said to span from roughly $68,000 in early April to the high near $112,000. As the handle formed over subsequent weeks, the breakout has now set technical targets around $150,000.
Analysts at TradingView observed the formation on daily charts, estimating measured move targets between $120,000 and $155,900, depending on pattern variations.
While the cup-and-handle is among the most reliable bullish structures, traders are hesitant to lean in prematurely. Analysts point to possible RSI divergences and macro factors as potential dampeners. Cointelegraph noted that similar patterns in 2021 preceded sharp corrections when momentum waned.
Moreover, some believe Bitcoin might undergo a brief correction—to the $104,000–$105,000 zone or re-test trendlines—before resuming an upward trajectory, possibly toward $140,000+.
Chart signals aside, fundamentals are increasingly supportive. July has historically been a strong crypto month, coinciding with equity rallies and ETF inflows. Notably, Bitcoin is currently benefiting from robust institutional participation: U.S. spot ETFs have attracted over $1 billion in July alone.
According to Cointelegraph, experts suggest these flows, combined with resilient macro sentiment, indicate institutions are now at the forefront of Bitcoin’s drive higher.
Alongside the cup-and-handle, Bitcoin is also displaying other bullish technical signs—a “bull flag” formation and stable on-chain metrics. Analysts point out that Bitcoin’s price maintains its 50-day moving average and MACD crossovers align with bullish momentum, reinforcing the likelihood of continued upward movement.
On-chain metrics such as MVRV (Market Value to Realized Value) and Network Utilization Ratios confirm the consistency of long-term holder accumulation—another structural factor bolstering positive sentiment .
If the pattern holds, Bitcoin may see two possible chapters to $150,000:
- Short-term correction or consolidation between $104,000–$110,000 to absorb profit-taking.
- Breakout rally beyond the $112,000 neckline, with technical targets in the $140,000–$155,900 range, assuming strong volume and macro stability.
Alternative targets—like $120,000–$140,000—are seen as interim steps before a full $150,000 rally plays out.
Key indicators will guide momentum:
- Closing price above $112,000 with strong trading volume.
- Retention of higher lows during any pullback.
- Institutional demand metrics, including ETF net inflows and on-chain accumulation.
- Macro triggers, such as CPI releases, Fed guidance, and equity market behavior.
A convergence of technical breakout and macro tailwinds would paint a compelling case for a sustained climb toward six-figure targets.
Bitcoin’s ascent past $112,000, buoyed by a clear cup-and-handle pattern, signals a compelling case for a rally toward $150,000 by year-end—especially in a market buoyed by institutional flows and positive sentiment. Yet caution is warranted. Technical setups require confirmation; A bear-flag retrace or macro volatility could stall the upward path.
For risk-tolerant investors, this setup presents an opportunity with a clearly defined risk and measurable upside. The weeks ahead will reveal whether Bitcoin maintains its upward trajectory—or resets before another potential breakout.