Bitcoin (BTC) hit a new high of $119,000, and traders are looking forward to a "seven-week continuous pump" trend.

Bitcoin (BTC) reached a historic high of 119,459 USD, leading to a large number of short positions being closed in the market during the bullish trend, as traders anticipate the continuation of the historical trend of seven consecutive weeks of gains.

The latest data from Coinglass shows that within just one hour, the total value of liquidated BTC short positions exceeded 20 million dollars.

"This week is definitely going to be very interesting. We have large liquidity clusters both above and below the current price. We just liquidated a significant amount of funds in the area above $119,000," popular trader Daan Crypto Trades commented in a post on X.

Daan Crypto Trades has identified two key liquidation areas to watch in the near future: $115,500-$116,500 and above $120,000.

"$BTC is facing key resistance around $119,000 to $120,000. However, after breaking through this resistance level, the potential for a pump is huge," added Niels, co-founder of Ted Labs, a trader and investor, and Web3 accelerator and incubator.

If BTC can break through 120,000 USD, then the road to 135,000 to 140,000 USD is opened. Conversely, if it breaks resistance, BTC may retest 114,000 to 115,000 USD and then reverse.

Is it possible to increase by 50%?

Many analysts are optimistic about this, and the trader BitBull is optimistic about the recent BTC price outlook.

"There is currently no reason to be bearish on $BTC. This is the strongest weekly breakout since November 2024, and the last breakout led to a 50% pump," he shared with his X followers.

BitBull listed several positive factors affecting Bitcoin, including record institutional inflows, the upcoming "Crypto Week" event in the United States, and rumors that Federal Reserve Chairman Powell may step down.

"Bitcoin is facing key resistance around $119,000 to $120,000. However, once this resistance level is broken, there is significant upside potential," added Niels, trader and investor, co-founder of the Web3 accelerator and incubator Ted Labs.

If Bitcoin can break through 120,000 USD, then the path to 135,000 to 140,000 USD will be opened. Conversely, if it breaks resistance, Bitcoin may retest 114,000 to 115,000 USD, and then a reversal may occur.

Is it possible to increase by 50%?

Many analysts are optimistic about this, and traders at BitBull are optimistic about the recent Bitcoin price prospects.

"There is currently no reason to be bearish on Bitcoin. This is the strongest weekly breakout since November 2024, and the last breakout led to a 50% pump," he shared with his X fans.

BitBull listed several positive factors affecting Bitcoin, including record institutional capital inflows, the upcoming "Crypto Week" event in the United States, and rumors of Federal Reserve Chairman Powell possibly stepping down.

"The first week of Bitcoin price discovery trend is about to end, and the second week is starting," added renowned trader and analyst Rekt Capital.

The first price discovery trend lasted for seven weeks.

(Source: X, Trading View)