Bitcoin Forms Supercycle Pattern with $150K Target

Key Insights:

• Bitcoin’s RSI oversold signal may indicate the start of a new market expansion phase.
• A price range between $104K–$114K could determine Bitcoin’s next move.
• The inverse head-and-shoulders pattern suggests potential for Bitcoin to hit $150K soon.

Bitcoin (BTC) has recently shown signs of a potential supercycle, with some analysts predicting the cryptocurrency could reach a $150K price point in the near future. As the market witnesses the formation of specific technical patterns, there is growing speculation about Bitcoin’s future trajectory.

Bitcoin’s Current Market Position

Bitcoin has followed a similar pattern in previous market cycles, which analysts now refer to as the “repeating script.” According to Merlijn The Trader, Bitcoin goes through three phases: accumulation, shakeout, and expansion. 

He points out that every time Bitcoin’s Relative Strength Index (RSI) hits oversold levels, it often signals a market ignition. Bitcoin just flashed oversold again, suggesting that this could be a key moment for investors to add to their positions rather than panic.

His view suggests that Bitcoin is likely to move towards a new expansion phase, potentially driving the price higher.

Bitcoin’s Price Behavior and Critical Range

However, Bitcoin stands at around $112,256, holding within a price range between $104.1K and $114.1K. This range has historically represented post-euphoria consolidation, a period of stabilization after rapid price increases. 

According to analysts at CryptoBusy, the price action in this zone will be crucial for determining Bitcoin’s next move. A break below this range could signal further exhaustion in the market, while a reclaim above $114K might indicate a renewed demand strength.

These key levels are expected to set the tone for Bitcoin’s near-term price action. Bitcoin is currently priced at $112,320 and has a 24-hour trading volume of $50.09 billion. Its price decreased slightly by 0.60% in the past 24 hours.

Formation of an Inverse Head and Shoulders Pattern

In addition to the broader market cycle, Bitcoin is also showing signs of a potential inverse head-and-shoulders pattern. Merlijn emphasized this formation, claiming that it isn’t just a pattern; it’s the supercycle ignition. 

Merlijn stated that $BTC to $150K is no longer a question; it’s the script, highlighting his confidence in Bitcoin’s upward potential. This technical pattern could lead Bitcoin towards the $150K target, with the price following an upward trajectory in the coming months.

This pattern is gaining attention in the market, with analysts believing it signals the start of a long-term bullish trend.