Bitcoin Breaks Above Key Moving Average, Eyes $120K or Higher

Bitcoin has broken above its 50-week moving average, a level that has historically marked turning points at the end of previous bear markets. The current price is around $80,441.66, up 1.2% today and 4.6% over the past week.

According to one chart analyst, simply breaking above this level isn't enough on its own. What matters more is whether Bitcoin can hold above it for a few weeks straight. Right now, momentum is pointing up, and the analyst says this could be the start of a bigger move higher.

The analyst has laid out three scenarios worth watching: the first is that Bitcoin completes one more high to form a clean five-part upward pattern, followed by a smaller three-part pullback; the second is a deeper pullback even down toward the $39,000 to $44,000 range; and the third scenario looks further out, where Bitcoin rallies to new highs but eventually reverses into a sharper corrective move down.

The analyst warns that if this happens, people will likely turn overly bullish right before that reversal. Immediate support sits between $78,888 and $80,359, an important zone to hold if the short-term uptrend is going to continue. On the resistance side, $83,000 is the key level.

This weekend's weekly close matters a lot. Closing above the 50-week moving average would be a bullish signal and increase the odds of Bitcoin grinding higher toward those upper targets.