A leading crypto analyst believes Bitcoin (BTC) could be headed for $147,000 this year, if one key condition is met.
Pseudonymous chartist TradingShot, known for deep technical analysis of Bitcoin’s macro cycles, published a compelling case on May 29 via X (formerly Twitter), suggesting that the top cryptocurrency is poised for another major breakout.
According to their analysis, Bitcoin has once again pierced a critical long-term resistance zone within its upward trending “Channel Up” structure, but has yet to confirm it with a weekly close above that level.
Historically, such a close has been the ignition point for explosive price movements. “The last two times Bitcoin closed a weekly candle above the channel’s resistance, it rallied 96.75% or more,” TradingShot noted. The current setup resembles those previous rallies closely, both in structure and magnitude.
So far in May, Bitcoin has broken above its prior January 2025 resistance, setting a fresh all-time high in the process. But as of now, the weekly candle has yet to close decisively above the resistance line. That technical milestone is key: “If we get that weekly close,” TradingShot wrote, “we can expect a minimum 96.75% move from the bottom,” which would place the next target around $147,000.
Bitcoin price performance
This projected move echoes the earlier runs captured in 2023 and late 2024, where Bitcoin surged between 98% and 107% after similar technical confirmations. The trendline in question is part of a larger long-term ascending channel that Bitcoin has respected since its post-FTX recovery, with each bullish leg following a similar pattern of resistance testing, confirmation, and vertical extension.
Bitcoin is currently trading at approximately $108,470, consolidating just beneath that resistance threshold. Whether or not this weekly candle closes above could define the next leg of the bull market, or signal a temporary rejection and deeper consolidation.
With market sentiment still heavily bullish and Bitcoin ETFs driving fresh institutional inflows, the stage may be set. But traders and investors alike will be watching this week’s candle close very closely.
Featured image via Shutterstock
