Trading expert sets date when Bitcoin will hit $106,000

A trading expert has identified late August 2027 as the likely timeframe for Bitcoin ($BTC) to reach $106,000, citing a long-term bullish chart pattern that has been forming since the 2021 market peak.

The forecast is based on a weekly Bitcoin chart shared by TradingView analyst TradingShot, who argued that $BTC’s price action over the past five years resembles a large cup and handle pattern, a formation commonly associated with bullish breakouts and trend continuation.

At the time of the analysis, Bitcoin was trading near $79,500, implying a potential upside of about 33% to the projected $106,000 target.

According to the analyst, the cup portion of the pattern formed between the November 2021 cycle top and Bitcoin’s bear market bottom in late 2022. The handle has since developed as a downward-sloping channel during the current consolidation phase.

The outlook suggests that a confirmed breakout could trigger a move similar to the rally that began in March 2023, when the cryptocurrency entered a strong bullish phase after reclaiming key moving averages.

A key level remains the 50-week moving average (MA). While Bitcoin recently traded above this indicator, the last two weekly candles reportedly failed to close above it, leaving the breakout unconfirmed and maintaining short-term bearish pressure.