Share this article
This Chart Points to a 30% Bitcoin Price Boom Ahead: Technical Analysis
IBIT's chart flashes a bullish pattern as BTC's spot price flirts with record highs.
Updated Jul 10, 2025, 9:55 a.m. Published Jul 10, 2025, 7:57 a.m.
Make us preferred on Google
What to know:
- IBIT's chart shows a bull flag breakout.
- The pattern suggests more gains for BTC ahead.
- BTC's spot price also shows bullish developments, according to one analyst.
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Bitcoin's spot price has surpassed $111,000 and could rise by another 30% to exceed $140,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
That's the message from the daily price chart of BlackRock's Nasdaq-listed spot bitcoin ETF, known by its IBIT ticker, which shows a bull flag breakout.
The ETF, mandated to closely track the BTC spot price, rose 2.85% on Wednesday, briefly surpassing the May high of $63.70, according to data source TradingView.
The advance reconfirmed the flag breakout seen early this month, a sign that the five-and-a-half-week counter-trend consolidation has ended and the broader uptrend from April lows has resumed.
Flags are bullish continuation patterns, and breakouts typically see analysts anticipate a price rally equal to the magnitude of the initial run higher. The so-called measured move method implies at least 30% upside for both IBIT and bitcoin's spot price.
Flags have a low failure rate, according to technical analysis theory. That said, the pattern could fail if macro factors take a turn for the worse, pushing prices back into a counter-trend consolidation. Such a move would negate the bullish outlook.
As of now, bitcoin's spot price also indicates a bullish setup, suggesting a potential rally to $134,000, according to veteran chart analyst Peter Brandt.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
XRP climbs to $1.90 but struggles to break out of tight range
Traders are watching $1.88 as support and $1.94–$2.00 as the levels XRP needs to clear to break consolidation.
What to know:
- XRP rose about 0.4 percent to trade near $1.90, but remained locked in a narrow consolidation range.
- Support around $1.88 has repeatedly attracted buyers, while rallies continue to stall below the $1.92 to $1.94 resistance band.
- Traders expect range-bound price action to persist unless XRP breaks above $1.94 toward $2.00 or falls below $1.88 toward the $1.80 area.
Top Stories
