Bitcoin Breaks Out: $110K ATH in Sight as Consolidation Pattern Shatters

After months of sideways action, Bitcoin’s price engine just roared back to life—and chartists are plotting a trajectory toward six figures.

The breakout: BTC/USD punched through key resistance levels this week, leaving its ’boring’ consolidation phase in the dust. Technical indicators now suggest a clear runway toward its previous all-time high... and beyond.

Wall Street’s déjà vu: Traders who dismissed crypto’s 2021 rally as a flinch are now scrambling to explain how an ’unbacked internet token’ could outperform their precious ETFs—again.

Next stop? If the momentum holds, $110,000 isn’t a moon shot—it’s the next pit stop.

Analyst Sees Breakout As Signal For Upside Continuation

In a post shared on the social media platform X, crypto analyst CrediBULL explained the logic behind his current long trade setup, pointing out that bitcoin has broken away from its three-day consolidation zone with an early impulse that started at the $103,000 level. His analysis predicted that this movement could be the start of a much larger leg upward, especially if the current price structure holds without falling back into a local demand zone between $101,000 and $102,000.

According to CrediBULL, the current trade has a clean invalidation level just below the impulse origin, allowing for a tight stop loss. This setup yields a high reward-to-risk ratio exceeding 5:1, with an upside target of $110,660, as illustrated in the chart. If this breakout is genuine, it could be a signal that Bitcoin is preparing for an aggressive push toward new all-time highs.

On the other hand, CrediBULL cautioned that if the current MOVE proves to be a deviation and price falls below the impulse origin, focus should shift to the local demand zone around $101,800. The chart supports this with a clearly marked green area labeled “local demand.” This is the next major support if Bitcoin bulls fail to hold the current price levels.

$110,000 Bitcoin Target In Sight With Increasing Market Momentum

According to the crypto analyst, his prediction of the next move to $110,000 has at least a 20% chance of playing out. These odds are quite nice, considering the unpredictable nature of the crypto market. 

Notably, price action in the past 24 hours has seen the leading cryptocurrency break above $105,000 again, peaking at an intraday high of $105,503 before easing slightly. This move strengthens the case that the recent consolidation phase may have concluded, and a successful move above $110,000 before the end of the week is underway.

At the time of writing, Bitcoin is trading at $104,428. A successful rally to the $110,660 target WOULD represent a 6% gain from the current price, while downside risk is capped below the $103,000 level.