Analyst Suggests $340,000 Bitcoin Price Target Is Feasible If Bulls Maintain Current Range

Bitcoin (BTC) is currently experiencing a correction, trading at $103,993 following a 0.18% decline over the past 24 hours. In light of its recent peak at $111,970, can Bitcoin regain its upward momentum? Crypto analyst PlanD believes it can, provided it maintains a crucial support level.

PlanD suggests that BTC could reach $340,000 if it stays above the $91,000-$100,000 range. His hypothesis is founded on a three-year cup-and-handle pattern—a traditional bullish formation characterized by a consolidation phase followed by a breakout.

In my extensive analysis of Bitcoin, I have tracked the rise from $25,000 to $109,000 step by step, and subsequently predicted a 30% correction to $76,000 from the peak of $109,000, warning investors, and I was correct regarding the decline. Currently … pic.twitter.com/fbqNo77e6I

— PlanD (@cryptododo7) May 31, 2025

The drop from $69,000 in 2021 to stabilization in March 2024 represents the “cup,” while the recent consolidation below $112,000 serves as the “handle.”

Bitcoin Chart Structure Indicates Potential Bullish Reversal

The current price movement reflects a descending channel with lower highs and lows, typical of a consolidation period. Significant resistance is identified at the 50-period EMA around $105,292, which has been limiting recent upward movements.

Fibonacci levels highlight critical areas—BTC is testing support at the 0.236 retracement level ($104,514), with a possibility of dropping to $103,149 or lower if sellers regain dominance.

Bitcoin Price Chart Source: Tradingview

Candlestick patterns, including spinning tops and shooting stars, reflect market uncertainty. The MACD histogram is in the negative territory, yet the signal lines are converging, which may indicate that a potential reversal is on the horizon. The RSI is below 40, suggesting a mildly oversold condition, but not yet signaling a definitive reversal.

What to Monitor

For bullish momentum to reemerge, Bitcoin must break above the descending channel and close above $105,292, ideally accompanied by strong candlestick patterns, such as engulfing formations or three white soldiers. This could pave the way to $106,719-$107,682, followed by a more substantial rally.

Key levels to monitor:

• Support: $104,514, $103,149, $102,141
• Resistance: $105,292, $106,040, $107,682

If Bitcoin maintains its position above $91,000-$100,000, it could signal the beginning of a move towards $340,000 by 2025, according to PlanD. However, if it fails to do so, deeper corrections may ensue. With a market capitalization of $2 trillion and a 24-hour trading volume exceeding $40 billion, volatility remains a significant factor. Stay alert for breakouts or breakdowns from this range.

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