Bitcoin’s spot price is on the verge of a significant leap, with technical indicators suggesting a potential 30% surge. On July 9, 2025, CoinDesk analyst and Chartered Market Technician Omkar Godbole highlighted a bullish breakout pattern in BlackRock’s Nasdaq-listed spot bitcoin ETF, tagged with the ticker IBIT. The ETF jumped 2.85% that day, topping its May peak of $63.70, which signals the resumption of the broader uptrend that initially began in April.
Technical Indicators Signal Bullish Momentum
The daily price chart of IBIT reveals a classic bull flag breakout — a continuation pattern that often precedes substantial price hikes. A bull flag is typically viewed as a precursor to a rally mirroring the magnitude of the preceding upward movement. With the ETF’s price action reconfirming this breakout, the measured move method forecasts at least a 30% increase for both IBIT and bitcoin’s spot price. If this scenario unfolds, Bitcoin could soar past $140,000, offering a tantalizing outlook for investors and traders alike. This aligns with recent analyses suggesting Bitcoin’s potential to reach $120,000, as discussed in Bitcoin Price Analysis: Will BTC Hit $120K in the Next Few Days?.
Peter Brandt, a seasoned chart analyst, echoes this sentiment. He suggests that the spot price of Bitcoin itself is primed for a climb to around $134,000, pointing to a bullish setup that appears robust at the moment. However, the reliability of these patterns, while historically strong, is not infallible; macroeconomic shifts could still send prices back into a counter-trend consolidation, potentially stalling any bullish momentum.
Historical Context and Market Trends
Bitcoin’s journey this year has been nothing short of dramatic. After hitting lows in April, the cryptocurrency has been clawing its way back, riding on renewed investor optimism and favorable market conditions. The recent performance of the IBIT ETF adds another layer to this narrative, reflecting investor confidence in the digital asset’s future prospects. This is further supported by data indicating a potential rally to $120,000, as detailed in Bitcoin data points to rally to $120K after pro BTC traders abandon their bearish bets.
Yet, it’s important to remember that the crypto market is notoriously volatile. While technical patterns like the bull flag offer a promising outlook, they aren’t guarantees. Historical data suggests that flags have a low failure rate, but they’re not immune to broader economic influences. Events such as regulatory changes, shifts in monetary policy, or unexpected macroeconomic developments could impact the trajectory Bitcoin is currently on.
The Road Ahead: Opportunities and Challenges
As we look forward, the potential for Bitcoin to reach new heights is palpable, but so too are the challenges. The crypto market is a complex ecosystem where technical analysis must be balanced with an understanding of external factors. For instance, ongoing discussions around regulatory frameworks in major economies could either bolster or hinder Bitcoin’s ascent.
Moreover, the behavior of institutional investors, who have been significant players in recent market movements, will be crucial. Their continued interest could provide the necessary momentum to push Bitcoin past its psychological barriers. Conversely, any signs of uncertainty or retreat from these investors could stifle progress.
In conclusion, while the technical charts present an optimistic picture for Bitcoin’s immediate future, investors must remain vigilant. The interplay between technical patterns and macroeconomic conditions will ultimately determine whether Bitcoin can capitalize on this bullish setup or if it will face obstacles that temper its rise. The next few months could very well be pivotal in shaping the cryptocurrency’s long-term trajectory.
Source
This article is based on: This Chart Points to a 30% Bitcoin Price Boom Ahead: Technical Analysis
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
