Bitcoin is once again capturing the attention of traders and long-term investors alike as technical indicators point to a potential surge toward the $116,000–$120,000 range. On July 3, 2025, two prominent crypto analysts—Lark Davis and Garrett Patten—shared compelling technical setups that converge on a similar bullish conclusion. While their methodologies differ, both highlight strong momentum, key support levels, and chart patterns that suggest a significant upward move could be imminent.
This alignment of technical perspectives strengthens the case for a powerful rally—provided critical support zones hold. Let’s break down each analyst’s reasoning, explore the supporting indicators, and understand what this could mean for Bitcoin’s near-term trajectory.
The Breakout: A Classic Chart Pattern Points to 9.77% Gains
Lark Davis, widely recognized in the crypto community as @TheCryptoLark on X, highlighted a decisive breakout in Bitcoin’s price action on July 3. His analysis centers on a symmetrical triangle (or wedge) pattern that has been forming over recent weeks.
👉 Discover how technical patterns can predict major price moves before they happen.
This pattern typically signals consolidation before a strong directional move. In this case, Bitcoin broke upward through the upper boundary of the triangle, confirmed by a surge in trading volume—an essential validation for any breakout.
Davis marked the breakout with an orange arrow on his chart and projected a 9.77% upside, which translates to a target near $120,000. This target is derived from measuring the height of the triangle at its widest point and projecting it upward from the breakout level.
Supporting Technical Indicators
The bullish signal isn’t standing alone. Several key indicators reinforce the strength of this move:
- MACD (Moving Average Convergence Divergence): The MACD histogram turned decisively green, and the MACD line crossed above the signal line—classic signs of accelerating bullish momentum.
- Volume Spike: Increased buying volume during the breakout adds credibility, reducing the likelihood of a false move.
- Moving Averages: The 20-day, 50-day, and 200-day exponential moving averages are all positioned below the current price, indicating strong long-term bullish sentiment and a healthy market structure.
While Davis didn’t specify a timeline, he suggested the projected gain could unfold within days, especially if momentum continues.
Elliott Wave Analysis Projects $116,400 as Key Target
In parallel, analyst Garrett Patten offered a deeper structural perspective using Elliott Wave theory, a method that interprets market cycles as repetitive wave patterns driven by investor psychology.
Patten’s chart reveals that Bitcoin may be in the early stages of Wave 3 within a larger fifth impulse wave—a phase historically known for strong, sustained rallies. He identifies the current structure as following a classic i-ii, 1-2 pattern, where the recent pullback formed Wave 2 of Wave iii.
Critical Support Zone: $107,100–$108,300
For this bullish scenario to remain intact, Bitcoin must hold above the $107,100–$108,300 support zone. This range represents the retracement level of Wave 2 and is crucial for maintaining the integrity of the impulse structure.
If support holds:
- Wave 3 is expected to extend significantly.
- The projected target for the completion of this wave is $116,400.
- Fibonacci extensions further support this outlook, with additional resistance levels identified at $111,000**, **$118,500, and even beyond $120,000.
Momentum Confirmed by MACD and RSI
Like Davis’s analysis, Patten’s chart includes confirming indicators:
- MACD: Shows rising momentum beneath the price chart, with the histogram expanding upward.
- RSI (Relative Strength Index): Currently sits in the upper half of its range (~60–70), signaling bullish strength without entering overbought territory (typically above 70).
This balance suggests there’s still room for upward movement before potential exhaustion sets in.
Convergence of Technical Outlooks: Why This Rally Could Be Different
What makes this moment particularly noteworthy is the convergence of two distinct analytical approaches arriving at nearly identical conclusions:
- Lark Davis uses classical chart pattern recognition—a method grounded in price action and volume.
- Garrett Patten applies Elliott Wave theory—a more complex, psychological model of market cycles.
Despite their different frameworks, both analysts agree:
- A major move is likely underway.
- Key technical indicators confirm momentum.
- The target zone lies between $116K and $120K.
This kind of alignment increases confidence among traders who rely on multiple forms of confirmation before entering positions.
👉 See how professional traders use combined technical strategies to time high-probability entries.
Moreover, both analyses emphasize risk management: Davis implies caution around follow-through volume, while Patten explicitly conditions his target on support holding. This shared emphasis underscores that while the outlook is optimistic, it's not unconditional.
Core Keywords Driving Market Sentiment
To better understand what’s fueling interest in this price movement, here are the core keywords naturally embedded throughout these analyses:
- Bitcoin price prediction
- BTC breakout
- Elliott Wave analysis
- Symmetrical triangle pattern
- MACD bullish signal
- RSI momentum
- Bitcoin $120K target
- Crypto technical analysis
These terms reflect what investors are actively searching for—especially as Bitcoin approaches all-time highs and institutional interest grows.
Frequently Asked Questions (FAQ)
What is a symmetrical triangle breakout?
A symmetrical triangle forms when price converges between narrowing support and resistance levels. A breakout occurs when price moves sharply beyond one boundary—upward in this case—often leading to a move equal to the pattern’s height.
Why is Wave 3 important in Elliott Wave theory?
Wave 3 is typically the longest and strongest phase in an impulse wave sequence. It often extends beyond initial expectations and is fueled by widespread market participation and momentum.
What happens if Bitcoin fails to hold above $107K?
If Bitcoin drops below the $107,100–$108,300 zone, it could invalidate Patten’s Wave 3 projection. This might lead to further consolidation or even a deeper correction before another attempt at higher prices.
Are MACD and RSI reliable indicators for Bitcoin?
Yes—when used together, MACD and RSI provide strong confirmation of trend direction and momentum. They’re widely trusted tools in crypto technical analysis due to their responsiveness to rapid price changes.
How soon could Bitcoin reach $120K?
While no exact timeline is certain, both analysts suggest the move could occur within days or weeks if current momentum and support levels are maintained.
Is this rally sustainable long-term?
Sustainability depends on broader market conditions—including macroeconomic factors, regulatory news, and on-chain fundamentals. However, technically speaking, the path toward $120K appears well-supported for now.
Final Thoughts: A Bullish Blueprint Taking Shape
Bitcoin’s path toward $120,000 is no longer just speculation—it’s being mapped out through rigorous technical analysis. From Lark Davis’s clean breakout model to Garrett Patten’s intricate Elliott Wave structure, two respected voices in the crypto space are painting a consistent picture: bullish momentum is building.
With MACD confirming upward thrust, RSI showing strength without overheating, and volume supporting the breakout, the technical foundation appears solid. And while nothing in markets is guaranteed, the convergence of these signals increases the probability of a significant rally—provided key supports hold.
👉 Stay ahead of major market moves with real-time charting and advanced technical tools.
For traders and investors alike, this moment offers both opportunity and caution. Watching how Bitcoin reacts around $107K–$108K will be critical in the coming days. But if history—and technical alignment—are any guide, we may be witnessing the early stages of Bitcoin’s next major leg upward.