Analyst Predicts Bitcoin Hitting $135K Amid Breakout Rally This Month

Katie Stockton, a renowned crypto analyst and founder at Fairlead Strategies, has predicted that Bitcoin will reach $135,000 in the medium term, indicating a strong bullish trend. Speaking to CNBC on Monday , she said that BTC would surge prior to the ‘corrective phase.’ Before this big breakout, there were almost 8 weeks of consolidation, which feels like “ancient history right now.” From the breakouts, the company has created “measured move projections,” assuming that the trajectory of the prevailing trend that had a corrective phase maintains itself. “That puts Bitcoin at around $135,000 as an intermediate-term objective,” Stockton said. “It seemed pretty aggressive a few days ago, maybe now a little less so.” Bitcoin reached a new all-time high of $123,091 on Monday , following massive institutional adoption. Over 265 companies now hold Bitcoin on their balance sheets, doubling from 124 companies since June 5th. Stocks Tracking BTC Would See Possible Surge: Stockton According to Stockton, Coinbase and Michael Saylor’s Strategy stocks that track BTC markets are also likely to perform well. Besides, she also cited Ether and XRP movements, adding that there is “positive action across the universe of cryptocurrencies.” “From a technical perspective, we are seeing some pretty actionable breakouts, where some are major breakouts, some are minor breakouts,” she told CNBC’s “Closing Bell” team. Individual stocks that have performed alongside these cryptos have really benefited too, she added. The analyst identified a cup-and-handle pattern on Coinbase stocks, which further supports this optimistic outlook. Strategy (formerly MicroStrategy) has also maintained a long-term uptrend with highs and lows and now has a short-term breakout of its own. “So, there does seem to be positive action across the board,” she noted. Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet, attributed Bitcoin’s growth to growing institutional adoption. He told Cryptonews that the sheer scale of ETF demand suggests continued upside. “A short-term pullback looks unlikely, with Bitcoin more likely to test higher levels in the weeks ahead,” he said. Further, despite ETF-driven inflows into Ethereum and tokenization narratives, Bitcoin dominance remains high. “Until BTC dominance decisively breaks below 62% and ETH/BTC strengthens further, Bitcoin will likely continue capping alternative layer growth.” The post Analyst Predicts Bitcoin Hitting $135K Amid Breakout Rally This Month appeared first on Cryptonews .

Source: cryptonews