CNBC Contributor Says Bitcoin Set for “Early Fireworks” to $142,000 ...Middle East

A bullish pattern on the higher Bitcoin timeframe supports widespread optimism that its price could rally to levels never seen before. Bitcoin could be set for “early fireworks,” according to Frank Cappelleri, founder of independent research firm CappThesis and CNBC contributor. In a July 2 post, he identified a bullish structure on the BTC/USDT chart that could push prices to unprecedented levels. Bitcoin Nears Breakout Specifically, Cappelleri highlighted an inverse head and shoulders pattern on the weekly timeframe, a typical bullish structure that precedes a positive price shift. He asserted that a breakout for BTC would spur a price explosion specifically to $142,000. An accompanying chart further buttresses the details of this bullish pattern. For context, a typical H&S pattern consists of the head, left shoulder, and right shoulder, all of which the chart highlights. Bitcoin to $142,000/Frank Cappelleri For perspective, the left shoulder took form from Bitcoin’s price action between late December 2024 and January 2025. Specifically, BTC surged to a high of $108,287, retraced to $89,200 by mid-January, before hitting a new all-time high of $109,350 on January 20. Meanwhile, the head formed with Bitcoin’s drop to $74,441 on April 7, a day after the market experienced its largest single-day liquidation. According to reports, more than 7,500 BTC, worth over $500 million, were liquidated across major exchanges on April 6. Bitcoin is currently on the right shoulder. Notably, this right shoulder formed when it rallied to the ATH of $112,000 in May and then dropped to $98,330 last month. So far, Bitcoin has rebounded from this low to its current price of close to $110,000. Interestingly, Bitcoin currently trends close to the pattern’s neckline and is on the verge of breaking out if current bullish momentum persists. Cappelleri predicts a target of $142,000, a 29% uptick from the current market price, upon breakout. Moreover, a fuel to the analyst’s assurance that Bitcoin would rally to the new ATH is its performance following a breakout from a similar structure. BTC rally from $68,750 in November to December’s high of $108,287 came after a breakout from an inverse H&S pattern. Global Liquidity Fueling Optimism Remarkably, the rapidly growing global liquidity further fuels the optimism that Bitcoin could surge extensively. The global M2 money supply reached a new all-time high of $55.48 trillion yesterday, as more capital became available for investment. Analyst "Ak47" shared in a tweet yesterday that this uptick suggests more appetite for risk assets, which would favor Bitcoin. Citing the correlation between BTC's price and the global M2, she noted that the crypto leader is eyeing a nearly 60% surge to $175,000. Bitcoin Correlation with Global Liquidity Bitcoin trades at $109,538 at the time of writing.

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