Trading expert sets date when Bitcoin will hit $106,000

A trading expert has identified late August 2027 as the likely timeframe for Bitcoin ($BTC) to reach $106,000, citing a long-term bullish chart pattern that has been forming since the 2021 market peak.

The forecast is based on a weekly Bitcoin chart shared by TradingView analyst TradingShot, who argued that $BTC’s price action over the past five years resembles a large cup and handle pattern, a formation commonly associated with bullish breakouts and trend continuation.

At the time of the analysis, Bitcoin was trading near $79,500, implying a potential upside of about 33% to the projected $106,000 target.

According to the analyst, the cup portion of the pattern formed between the November 2021 cycle top and Bitcoin’s bear market bottom in late 2022. The handle has since developed as a downward-sloping channel during the current consolidation phase.

The outlook suggests that a confirmed breakout could trigger a move similar to the rally that began in March 2023, when the cryptocurrency entered a strong bullish phase after reclaiming key moving averages.

A key level remains the 50-week moving average (MA). While Bitcoin recently traded above this indicator, the last two weekly candles reportedly failed to close above it, leaving the breakout unconfirmed and maintaining short-term bearish pressure.

The analyst noted that a decisive weekly close above the 1W MA50 would confirm completion of the handle pattern and signal the start of a new bull cycle.

Until then, Bitcoin could see one final pullback into October, potentially retesting support around the 200-week moving average before resuming its advance.

However, if buyers reclaim the 1W MA50, the chart projects a move toward $106,000 by late August 2027. The long-term outlook remains dependent on breakout confirmation, with a sustained move above the 50-week MA viewed as the key trigger.

Bitcoin’s key price levels to watch

The bullish long-term projection comes as cryptocurrency analyst Michaël van de Poppe maintains that Bitcoin is unlikely to experience a deep correction in the near term.

In an X post on September 7, Poppe said Bitcoin continues to consolidate in a healthy range, with any decline below $74,000 likely presenting a buying opportunity rather than signaling a broader trend reversal.

The analyst also highlighted $82,850 as a key untested level, suggesting Bitcoin could challenge that resistance zone in the coming weeks.

A move above that area would strengthen the bullish case and support expectations for a larger breakout later in the cycle.

Together, the two analyses point to a similar conclusion: Bitcoin remains in a consolidation phase, but a decisive break above key resistance levels could pave the way for the next leg higher.

Source: cryptonews.net