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Bitcoin has been making strong moves again. The world’s largest cryptocurrency climbed to a six-week high of $119,500 on Thursday, rising 10% in just one week. This rally comes after Bitcoin bounced from a local low of $108,650 and reclaimed an important support level.

Now, the big question is whether Bitcoin can break past its $124,500 all-time high soon, or if another pullback is on the way first.
 

Bull Flag Breakout Signals Higher Prices

We are excited about what’s happening. After hitting its record high of $124,500 in mid-August, Bitcoin slid back under $110,000. That pullback formed a bull flag (chart pattern that usually shows the market is pausing before moving higher again).

This week, Bitcoin broke out of that bull flag, which analysts say could be the start of a much bigger rally.

Note:analysts see Bitcoin heading toward $140,000 in the mid-term. And that breakout looks clean and could lead to a fast move higher.

If momentum continues, the breakout pattern points to a possible rise toward $145,000 in the coming months. That would mean about a 22% gain from today’s levels.
 

Why $117,000 Still Matters

Not all analysts expect Bitcoin to move straight up. Some warn of a dip before the next leg higher.

Michael van de Poppe, founder of MN Capital, said that after taking out liquidity at $119,500, Bitcoin might stall and retest $117,000 as support. Data from liquidity maps shows heavy buying interest between $116,000 and $117,800.

Analyst Ted Pillows agrees. He says Bitcoin needs to hold the $117,000 level to keep its bullish momentum. If it fails, prices could drop further to around $112,470.
 

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Bitcoin New All-Time High

Right now, the key level to watch is $120,000. If Bitcoin can break through this resistance, it could open the door to fresh all-time highs above $150,000. Seasonality and growing institutional demand could help fuel that move. (Uptober - October's historical tendency to be a strong month for Bitcoin and other cryptocurrencies)

For now, watch whether Bitcoin will first retest $117,000 or push straight toward $124,500 and beyond. Either way, the bigger picture remains bullish, with charts suggesting the next major target lies near $145,000.

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