Bitcoin is approaching major resistance levels, potentially leading to a significant breakout. According to a technical analysis posted on X by crypto analyst Hov, BTC could reach $131,060 this market cycle.
Hov's analysis, detailed on X, emphasizes a bullish confirmation pattern supported by key technical indicators. Bitcoin's slow grind upward has brought it just below a key resistance level in the $89,000 - $94,000 range.
Currently in Wave 5, the support of around $80,000 is now the most critical level to watch. A pullback that finds buyers at this level would confirm the strength and potentially set the stage for a powerful Inverse Head and Shoulder pattern.
If Bitcoin holds $80,000 during the pullback and reclaims the $89,000 resistance, it would validate a larger Wave 3 move. A Higher Timeframe (HTF) close above the psychological and macro resistance near $100,000 would be a major bullish signal.
As of today, Bitcoin is trading at $84,968, a 1.6% gain over the past week. Despite volatility, Bitcoin remains resilient, aiming to break past critical resistance levels and reach new highs, according to CoinCodex data.