Analysts Eye $148K As New BTC Target

Bitcoin lost 7.5 % after nearly touching $123,250, briefly reviving fears of a lasting correction. However, some analysts see an ideal configuration, described as “perfect bottom”. For them, this technical pullback would be less a sign of weakness than a strategic springboard announcing a major rebound.

A technical pullback that could validate a bullish structure

Last Sunday, Bitcoin, weighed down by trade tensions, regained a critical technical support level: its 50-day exponential moving average (EMA 50). This threshold, briefly breached the previous day, had already proven effective as a dynamic support last June, triggering a 25 % rebound.

For analyst BitBull, this move could signal a similar configuration : “even a drop in the $110,000 to $112,000 zone could establish a perfect bottom for Bitcoin”, he states.

$BTC bounced back perfectly from the EMA 50 level.

This has been a strong support for BTC, and a reclaim shows that bulls are still in control.

But here's something that could happen.

BTC breaking below EMA 50 just like it did in June.

That would be the perfect bottom, and… pic.twitter.com/6vZnYaCNzt

— BitBull (@AkaBull_) August 2, 2025

This pullback zone coincides with a phase of technical consolidation rather than a trend reversal, and could, according to him, set the stage for a new bullish impulse.

The technical elements currently in place reinforce this optimistic scenario, notably through the validation of a well-known chart pattern among traders: the inverted head and shoulders. This configuration, analyzed by Merlijn The Trader, presents several bullish signals :

• The breakout of the pattern’s neckline, followed by a successful retest, a typical behavior before a continuation phase ;

• A theoretical target projected around $148,250, corresponding to the height of the pattern ;

• A convergence between this pattern and the dynamic support of the EMA 50, strengthening the robustness of the bullish signal ;

• A repetition of the pattern observed last June, where a 25 % rebound followed a dip below this same technical level.

BITCOIN JUST COMPLETED A PERFECT INVERTED H&S.

Breakout above the neckline.
Bullish retest holding.

Every technical box is checked.
This is how macro moves begin quietly, then violently.$BTC is loading the next leg.

Don’t miss the ignition point. pic.twitter.com/xUxfcLdznN

— Merlijn The Trader (@MerlijnTrader) August 2, 2025

These technical convergences form a coherent analytical basis to consider a gradual return to previous highs, or even their surpassing in a medium-term horizon.

Whale movements reinforce an accumulation scenario

Alongside the chart signals, on-chain data confirm a well-known phenomenon of bullish markets: the redistribution phase by large holders.

According to a report published Friday by CryptoQuant, the Bitcoin market recorded a significant third wave of profit-taking, marked by the sale of 80,000 BTC by a former whale. This massive sale, valued at $9.6 billion, took place in July, just after breaking the $120,000 threshold.

It follows two previous waves: the first at the time of the launch of spot ETFs in March 2024, and the second after the 2024 US presidential elections, during the breach of $100,000.

These selling episodes are not necessarily indicative of a bearish reversal. As CryptoQuant reminds us, “each wave of profit-taking was followed by a period of moderate consolidation, lasting between two and four months, before a bullish recovery towards new highs”.

The behavior of whales is interpreted as a cyclical marker, paced by accumulation phases after market cooling. The fact that this new wave coincides with a contained drop in the Bitcoin price tends to reinforce the scenario of a market in a digestion phase, rather than in structural decline.

Crossing technical analysis with on-chain dynamics, it appears the Bitcoin market could be engaged in a typical transition phase of major bullish cycles. The recent intervention of a whale, combined with stabilization around key technical supports, strengthens the idea of ongoing strategic accumulation. If this pattern were to be confirmed, the scenario of Bitcoin headed towards $148,000, or more, could become more than just a simple projection.