TradingShot Predicts Bitcoin’s Time to Reach $200,000

With Bitcoin (BTC) reclaiming support at $120,000, the asset’s long-term price structure points to the potential for a breakout to $200,000 in the coming months.

This forecast was presented by the popular analyst TradingShot, who noted that Bitcoin continued its rebound off the 50-week moving average (MA), recently reinforced by a short-term bounce off the daily MA50.

According to the analyst, the renewed momentum shifts the technical focus back to the macroeconomic trend, where the next major hurdle is the 0,5 Fibonacci retracement level, the middle of the ascending channel that has guided Bitcoin’s price action since late 2017.

Bitcoin price chart. Source: TradingView

Historically, this 0,5 Fibonacci level has acted as a major resistance zone, acting as a ceiling since May 2022.

Despite this, the peaks of previous cycles not only broke through the 0,5 Fibonacci level, but also reached levels above the 0,786 Fibonacci mark, approaching the upper boundary of the channel.

A breakout of the 0,5 Fibonacci level could lead to Bitcoin to the 0,618 level with a test of $200,000 near the peak of the next cycle later this year. This would put it in the upper red zone of the multiple Mayer Bands, with late 2025 likely to be a key moment for pricing.

Technical indicators point to a possible break above the $120,000 mark. BTC is trading well above the 50-day simple moving average (SMA) at $114,109 and the 200-day SMA at $92,926, confirming a strong long-term uptrend.

Bitcoin’s 14-day Relative Strength Index (RSI) is 59,57, indicating moderate upward momentum with no clear signs of overheating.

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