Bitcoin (BTC) Price on the Edge of a Major Breakout, New ATH Target of $130k

The Bitcoin price is on the edge of a major breakout, with momentum building as it approaches major resistance. According to a recent technical analysis

The Bitcoin price is on the edge of a major breakout, with momentum building as it approaches a key resistance level. According to a recent technical analysis, the next leg up could propel BTC toward $130,000; however, a few critical bullish confirmations are needed first.

Crypto analyst Hov presented a new Elliott Wave technical analysis of the Bitcoin price in a recent post on X (formerly Twitter). According to Hov, the flagship cryptocurrency could surpass its previous all-time high of above $109,000 and reach $131,060 during this market cycle.

The analyst has outlined a detailed roadmap for Bitcoin to hit this new target, emphasizing a bullish confirmation pattern supported by key technical indicators.

As the analysis shows, Bitcoin is approaching the ideal resistance zone in the $89,000 – $94,000 range. However, this level is not the best place to enter positions. Instead, traders should watch for a small leg higher to complete Wave 5 in the immediate time frame. This would mark the end of the short-term impulse and trigger a healthy Wave 3 pullback — a key part of the bullish confirmation.

With Bitcoin currently in Wave 5, the support of around $80,000 is now the most critical level to monitor. 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 at the base of the chart.

Should Bitcoin hold $80,000 during the pullback and reclaim the $89,000 resistance, it would validate a larger Wave 3 move. This breakout would likely carry the price toward a 1:1 Fibonacci extension target at $94,000 as the first stop.

However, the real challenge lies ahead, with psychological and macro resistance near $100,000. A Higher Timeframe (HTF) close above this level would be a major bullish signal, opening a path toward new highs, with Fibonacci Extensions pointing to a possible top at $131,060.

As Hov’s chart highlights, if the wave structure continues as expected, Bitcoin could be setting the stage for its most explosive breakout yet. But confirmation at key levels will be the deciding factor for whether this bullish setup unfolds.