$300K Bitcoin target ‘becoming increasingly likely,’ analyst says

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Key takeaways:

• Bitcoin's bull market still has room to run with a target range of $150,000-$300,000, analysts say.
• BTC must decisively push above the $112,000-$114,000 zone to ignite a possible rally to $140,000.

Bitcoin’s (BTC) sudden drop to $108,000 last week made it a 13% drawdown from its $124,500 all-time high, sparking fears that the BTC price might have peaked.

Despite this drawdown, some analysts argued that Bitcoin’s bull market had not even started, citing its performance relative to gold

Bitcoin bull market to resume in October

As Cointelegraph continues to report, both gold and US stock markets have posted repeated all-time highs, while Bitcoin remains stuck as liquidity games keep bulls away.

Analysts were not worried about gold front-running Bitcoin, as analyst Milk Road Macro said,

“Bitcoin tends to follow gold, 3-4 months down the line.”

The comparative analysis showed that both gold/USD and BTC/USD pairs had formed rising wedge patterns, with gold breaking out to the upside in January

In March, “$BTC began to mimic gold’s ‘rise → pause → last minute spike’ pattern” highlighted in the green below, the analyst said, adding:

“If the correlation holds, $BTC is now ready for a last-minute spike through October/November, breaking out of its rising wedge.”

Gold vs BTC price performance. Source: Milk Road MacroMilk Road Macro further explained that while gold’s breakout represented about a 10% gain, “Bitcoin has been known to outperform these percentage returns by 5-10x.”

They added that this puts Bitcoin’s potential upside gains in the 50% to 100% range, or $160,000 to $220,000.

Related: A Bitcoin strategic reserve may be bad for BTC and USD: Crypto exec

The “bull market in Bitcoin has not started yet,” said 50TFunds CEO Dan Tapiero in an X post on Monday.

He highlighted that the BTC/XAU pair traded in a “massive cup and handle” pattern in the weekly time frame, which could lead to new price discovery for Bitcoin over the next few weeks.

A break above the neckline at 37 XAU opens the way for the BTC/XAU pair to rally 446% toward the measured target of the cup-and-handle pattern at 160 XAU.

BTC/XAU weekly chart. Source: Cointelegraph/**TradingViewThis points to a major price breakout for Bitcoin over the next few months.

Tapiero’s argument was a response to crypto investor Zynx’s analysis, who said the BTC/USD pair needed to rise above $150,000 to “equal its all-time high in gold.”

Historically, “Bitcoin has more than doubled its price in gold at a minimum, usually much more than that,” wrote Zynx’s, adding:

“I would say that $300K is becoming increasingly likely.”

Meanwhile, CryptoQuant contributor XWIN Research Japan argues that Bitcoin is still in its bull market, based on several onchain metrics

Bitcoin must hold $112,000 for a “push higher”

Bitcoin hit an intra-day high of $112,293 on Monday, reclaiming the $112,000 level after losing it on Thursday. It was trading at $112,233 at the time of writing, up 2.4% over the last 24 hours, according to data from Cointelegraph Markets Pro and TradingView.

“$BTC broke out of the down trend line overnight after squeezing all the late shorts,” said AlphaBTC in his latest analysis on X.

An accompanying chart showed that a key area of interest for Bitcoin bulls was today’s open at $112,000. Holding this level would see the price push toward the local high at $114,000, signalling the strength of the recovery.

“Looking at the 114K level next, and then if it can hold 112K again for a push higher in Oct.”

BTC/USD four-hour chart. Source: AlphaBTCThe 24-hour Bitcoin liquidation heatmap showed that BTC price could target a large block of bid liquidity as it moves higher. There is over $612 million in ask orders between $112,350 and $114,000

A sweep of this liquidity seems highly likely in the coming days, and a break above $114,000 could signal the end of the correction.

Bitcoin liquidation heatmap. Source: CoinGlassAs Cointelegraph reported, a decisive move above the $113,000-$114,000 resistance zone could confirm a breakout from a bull flag, opening the door for a rally toward $140,000 in the months ahead.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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