Recently, although there has been a pullback in the Bitcoin market, several technical indicators suggest that its price may have formed a solid bottom, laying the groundwork for future pumps. Analysts point out that the next stage of the bull run may be about to begin, with Bitcoin's price expected to reach a new height of $148,000.

Currently, the price of Bitcoin is hovering around the 50-day exponential moving average, a position that has historically been regarded as an important support area. Notably, in June this year, Bitcoin briefly fell below this key moving average, but then quickly rebounded, rising by more than 25%. The current market trend is remarkably similar to the situation in June, which further boosts investor confidence in future market conditions.

Technical analysis experts have particularly noted that Bitcoin has completed the classic 'head and shoulders' reversal pattern. This pattern is often seen as a strong trend reversal signal in traditional financial markets. Currently, the price of Bitcoin is in the pullback phase of the neckline of this pattern, providing technical support for a potential significant pump in the future. Based on the classic measurement method of this pattern, Bitcoin's potential target price is set around $148,250.

In addition to the support from technical aspects, on-chain data also provides evidence for this optimistic expectation. Data shows that Bitcoin has recently experienced three large-scale profit-taking events, and each time after a pullback, there was a stronger rebound. This pattern is usually interpreted as a precursor to a larger-scale pump, providing solid fundamental support for technical analysis.

However, investors still need to be cautious. Relying solely on technical analysis to make investment decisions may carry risks. The uncertainty of the global economic environment, changes in regulatory policies, and fluctuations in market sentiment can all have unpredictable effects on Bitcoin prices. Nevertheless, in the current relatively mature and stable market environment, the combined analysis of technical patterns and on-chain data often has high reference value.

Overall, although Bitcoin may still face some fluctuations in the short term, the convergence of multiple technical indicators seems to suggest that a potential significant rise cycle may be on the horizon. While investors pay attention to these positive signals, they should also remain rational and manage risks to cope with the various uncertainties that may arise in the cryptocurrency market.