If Bitcoin Closes Above this Level, It Confirms Its Inverted Ascending Scallop, Targeting $244K

Analyst SuperBro notes that a Bitcoin close above the key level would confirm his inverted ascending scallop pattern, potentially leading to higher prices.

Bitcoin’s price has experienced a clear upward trend over the past week, seeing a significant jump from below $104,000 to over $110,000. As of today, Bitcoin is trading at $109,318, showing a 3.5% increase in the last 24 hours and a slight 0.1% rise over the past 7 days.

Following this surge, an analyst on X suggests Bitcoin might be poised for a broader surge, even reaching new highs based on an inverted ascending scallop.

Technical Patterns and Price Targets

The chart analysis shared by crypto analyst SuperBro highlights the formation of an “Inverted Ascending Scallop” pattern on Bitcoin’s weekly price chart. This pattern unfolds in multiple phases, beginning with a rise from $49,500 in August 2024 to a peak of $109,000 on January 20, 2025.

From there, Bitcoin dipped to $74,400 in early April before making a comeback. This upward trend has brought the price back near the January peak, with the final phase projecting further increases.

SuperBro highlights that if Bitcoin records a weekly close above $109,358, it will confirm the inverted ascending scallop pattern, which he has continued to watch since February 2025. Interestingly, the analyst provides two potential price targets for Bitcoin.

The conservative target, based on a linear estimation, is set at $148,000. This target is derived from calculating 64% of the price difference between points A and B. In contrast, the more aggressive logarithmic target suggests that Bitcoin could reach as high as $244,000.

When asked about the possibility of Bitcoin hitting $130,000 this week, the analyst stated that it is possible, as the market is likely on the cusp of a parabolic move.

Bitcoin’s Strong Buying Pressure

Meanwhile, data on Bitcoin holder inflows reveals strong buying pressure in both the short and long term. The 7-day change in inflows has increased by 168.70%, indicating heightened short-term demand.

More notably, the 30-day change has surged by 522.76%, suggesting that large holders have been accumulating Bitcoin over the past month. However, despite the strong inflow data, the 90-day change in inflows shows a massive decline of 95.04%.

Bitcoin’s Potential for Long-Term Growth

On the macro scale, Bitcoin’s potential for future growth has drawn attention from prominent analysts. Tom Lee, head of research at Fundstrat, remains confident that Bitcoin could reach an all-time high of $250,000 by the end of 2025.

He attributes this optimistic outlook to Bitcoin’s fixed supply—95% of its maximum supply has already been mined—combined with the growing imbalance between Bitcoin’s demand and available supply. Lee speculates that more institutional and retail investors will enter the market, pushing Bitcoin’s price higher as demand continues to outpace its available supply.