Bitcoin targets $128,000 as wedgebreak clears the $123,182 resistance

• Bitcoin pushed over $118,000 with clear momentum as it neutralised its wedges descending from its June low.
• Prices currently face a critical challenge of nearly $123,182, previously marking the highest ever high zone for BTC.
• If the Bulls maintain pressure above this level, Bitcoin could rise towards the $128,000 mark, predicted by August.

Bitcoin (BTC) has surged over $118,000, sparking updated investors’ interest as its breakout pattern targets a $124,000 resistance zone. On the four-hour Coinbase chart, BTC/USD touched on the daytime high of 118,113, confirming upward price pressure. The breakout follows weeks of integration within a falling triangle, and is now nullified by bullish actions.

BTC prices regain strength above trendlines

The chart shows Bitcoin forming a wedge that will descend from mid-June, marked by a purple resistance line and a compression of horizontal prices. BTC is broken beyond both the wedge resistance traced from support before June and the ascending trendline in orange.

This break occurs after a prolonged period of lateral movement and rejection, close to the $116,000-$117,000 range. 200 SMA Close was violated earlier in the week, further supporting bullish bias. Currently, the relative strength index (RSI) covers approximately 49 cases, indicating neutral momentum with the possibility of upward expansion.

The BTC volume remains medium, but the price action shows a strong follow-through on top of the wedge. The chart also shows that the previous high marked as “ATH” is adjusted to a price of nearly $123,182. This can serve as the next important resistance level:

In particular, the yellow line overlay represents a predicted bullish continuation of over $124,000, with a $128,000 zone likely to be the target. The trajectory suggests building confidence ahead of the August 1 time frame listed on the chart.

Historical Levels of Triangle Breakout and Focus

BTC previously formed symmetrical triangles between $114,000 and $123,000, but it compressed prices over a few weeks. This technical structure was held until the Bulls forced a breakout, successfully retesting the $118,000 level.

The $123,182 psychological barrier is labelled the chart’s all-time high (ATH). Projected paths above that level suggest that they have increased by 4.3% to $128,000. That zone appears to be the next magnet of bullish momentum, although untested, based on chart analysis.

Additionally, the breakout followed a clear bounce from the ascending support of oranges, which had been held firmly since June. This confirmed the strength of the low trendline, which served as a launchpad for updating demand.

The blue descent channel from the June highs to the late July to late July was also decisively broken. The channel once provided shooting patterns, but the breakout shows interest in fresh purchases.

This raises extremely important questions. Will Bitcoin regain its all-time high and maintain momentum above $124,000 before August begins?

Market sentiment builds towards August

Bitcoin’s current structure coincides with a bullish price pattern, aiming to reach the $128,000 level before August 1st. The date is marked vertically on the chart, indicating the possibility of timing pivots for major price actions. Traders often view such time-competitive points as decision-making zones.

The yellow projection line has skyrocketed beyond current levels, suggesting institutional demand and yet unclear. At current RSI levels, there is room for continuous continuity without over-purchase, suggesting that rally can be extended.

Volume levels remain stable, but not excessive. This means organic growth rather than short-driven movement. This could provide stability as the price approaches a large amount of resistance near the ATH line.

When Bitcoin reaches $124,000 and breaks further, both breakout patterns and psychological levels are validated. Market participants are closely watching inverted signals near the area.

Prices surpass the ascending orange support line, reinforcing the bullish trend structure. Traders are expected to monitor a consolidation or retest zone of approximately $117,000 for potential purchase entries.