Bitcoin (BTC) price prediction: Technical Analysis suggests a target of the upper band at $135,000, but caution is needed for the risk of a pullback.

Bitcoin (BTC) continues to strengthen at the daily chart level, breaking through all key resistance levels below the historical highs consecutively. The technical pattern indicates that the price is accelerating towards the upper band of the rising channel, targeting the $135,000 area. However, top investment banks warn that this area may trigger strong selling pressure, leading to a technical pullback towards the $100,000 support level. Currently, $119,000 serves as a critical dividing line between bulls and bears; holding this level maintains the bull run structure, while losing it may trigger a deeper adjustment.

Breakthrough Market: Aiming for Historical Highs and Upper Band

• Strong Technical Breakthrough: Bitcoin has continuously conquered key resistance zones below the historical high (ATH) during the day, with only the last barrier of ATH remaining.
• Target price level clear: After effectively breaking through the ATH, the price is expected to accelerate towards the current upper band resistance level (approximately $135,000).
• Channel Theory Guidance: Technical analysis shows that BTC price is following the rise channel pattern towards the upper boundary of the channel. Breaking through the previous resistance has cleared the way to ATH and the upper band of the channel.

Key resistance zone: potential turning point at $135,000

• Historical Patterns Warning: High time frame resistance zones (such as the upper band) have historically caused price pauses or reversals in Bitcoin.
• Pullback Risk Warning: The $135,000 area may become a temporary top, triggering a technical pullback (Rejection), starting a retracement towards the $100,000 support level.
• Conditions for the bull run structure to persist: This pullback does not necessarily end the bull run, but it may cause BTC to enter a wide range consolidation phase between $100,000 and $135,000.

Long and Short Critical Point: $119,000 Support as the Bull-Bear Divide

• Core support anchor point: $119,000 has become the structural cornerstone of the current rising trend, and it is crucial to closely monitor whether the daily chart closing price can hold this level.
• Breakout Risk Scenario: If it effectively breaks below $119,000, market momentum will shift to bearish, potentially triggering a deep pullback and testing the lower band support.
• Institutional Position Dynamics: On-chain data shows that whale accounts continue to accumulate near key support levels, providing certain support for the 119,000 defense line.

Short-term Trend Analysis: Focus on Momentum and Volume Changes

(Source: TradingView)

• Upward inertia continues: Short-term prices still tend to test the upper band of the channel at the target of 135,000 USD.
• Key Observation Window: When BTC approaches the high resistance zone, traders need to pay close attention:
  • Breakthrough Momentum: A sustained increase in volume that breaks through the upper band will open up rapid price discovery space.
  • Top Signal: If stagnation occurs and trading volume decreases, it will confirm the resistance level is effective, triggering the expected range-bound market.
• Volatility Alert: The contest in the upper band area of the channel may trigger a short-term surge in market volatility.

Conclusion: Strategic Layout for the Battle to Reach Historical Highs The strong performance of Bitcoin after breaking through key resistance lays the foundation for challenging historical highs and the upper band of the $135,000 channel. However, top investment banks warn based on historical patterns: this area, as a strong resistance on a high timeframe, is very likely to trigger a significant pullback, and the $100,000 level will face severe tests. Investors currently need to fight on two fronts: on one hand, pay attention to the defensive strength at the $119,000 bull-bear watershed, which is the lifeline for maintaining the bull run structure; on the other hand, closely monitor the volume changes as the price approaches the upper band of the channel, as a breakout must be accompanied by sustained volume to be effective. The outcome of this battle for the upper band of the channel will determine whether BTC will enter a new price era or enter a phase of high-level consolidation.