Bitcoin has shown astonishing strength, continuing its parabolic ascent and breaking through the $123,000 range. The Bitop market analysis team noted that Bitcoin’s technical indicators are now adjusting toward a new short-term target between $135,000 and $140,000.

According to chart reports, after nearly two months of consolidation between a descending support level and horizontal resistance, Bitcoin successfully broke out of an expanding wedge pattern. The decisive breakout above the $112,000 resistance level confirmed earlier bullish forecasts.

Initially, the Bitop market analysis team outlined two possible scenarios:

1.A breakout above the historical high of around $112,000, which would directly trigger a rally toward $117,000–$120,000; or

2.A brief drop to $92,000 to fill the CME gap, followed by a continued rise toward the same target zone.

The recent breakout above $123,000 also highlights the next major liquidity pool between $135,000 and $140,000. According to chart analysis, reaching this zone would trigger the liquidation of over $45 billion in short positions. The next target range lies between $160,000 and $170,000, which could potentially lead to an additional $70 billion in short liquidations.

Macroeconomic factors and key chart indicators further support Bitcoin’s bullish outlook. U.S. President Donald Trump recently approved a bill to raise the national debt ceiling, signaling an acceleration in debt growth. This move is expected to expand the M2 money supply, which has historically shown a strong correlation with the rising prices of assets like Bitcoin.

Bitcoin’s Moving Average Convergence Divergence (MACD) remains fully stable across all timeframes, while the Market Value to Realized Value (MVRV) ratio is still well below historical highs. Additionally, the Relative Strength Index (RSI) has not yet entered the overbought zone. These indicators suggest that Bitcoin is still far from reaching a macro top, making the $135,000 to $140,000 range a reasonable mid-term target.

The Bitop market analysis team believes that Bitcoin has entered a supercycle, a market phase characterized by price discovery. While a short-term retest of the $112,000 level may occur before further upside, any minor pullbacks are likely to be followed by rapid and strong upward moves from this point forward.

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.