Bitcoin (BTC), the digital currency, has been making waves in the market this week, with its value skyrocketing to $67,000 as it sets its sights on a new all-time high. This surge comes after a challenging start to May, but the cryptocurrency has bounced back with a vengeance.

Analysts and experts are buzzing with excitement, as the prevailing market sentiment suggests that Bitcoin's next target is the coveted $100,000 mark. Speculation is rife that this milestone might be achieved during the anticipated post-halving rally, a phenomenon that occurs after the Bitcoin network undergoes a halving event, reducing the reward for mining new blocks.

Trading expert TradingShot, in a TradingView post on May 18, delved into Bitcoin's technical indicators to outline the potential factors that could propel the asset to $100,000 and provided a possible timeline for this achievement.

TradingShot's analysis centered around the inverse head and shoulders (IH&S) pattern, a bullish reversal formation observed in technical analysis. The expert noted that expectations have been high for Bitcoin to break out above the lower highs trendline, a key indicator for the IH&S pattern, since May 6. True to expectations, Bitcoin delivered on this front, breaking out above the resistance level.

Highlighting historical precedents, TradingShot noted that the previous two instances of IH&S bottom formations resulted in significant price rises of around 95%. Moreover, the one-day Moving Average Convergence Divergence (MACD) indicator reinforces the bullish outlook.

Based on this analysis, TradingShot predicted that Bitcoin will likely hit the $100,000 psychological target sometime after July, which would be a rise of over 90% from current levels.

While the precise timing remains uncertain, the projection underscores Bitcoin's prevailing bullish sentiment. This sentiment follows a significant correction in early May, with the asset dipping as low as $56,000.

The breach of the $65,000 resistance level was a critical juncture likely to dictate Bitcoin's trajectory toward a new record high. Notably, the maiden cryptocurrency is consolidating around $67,000, a pattern that some analysts anticipate will continue.

Crypto analyst Michaël van de Poppe, in a recent X post on May 19, advised investors not to expect further volatility in Bitcoin's price, stating, "I'm not expecting massive volatility to come. I'd rather expect consolidation and slow upwards movements towards the all-time high."

At the same time, according to a report by Finbold, crypto analyst RLinda suggested that Bitcoin bulls could be on the brink of breaking existing resistance levels. In this scenario, she highlighted key resistance levels to monitor at $67,250, $71,500, and $73,700 while emphasizing watching crucial support levels at $65,250, $64,500, and $61,500.

By press time, Bitcoin was trading at $67,280 with daily losses of about 0.12%, while on the weekly chart, BTC is up almost 10%. Considering Bitcoin's recent price movements, bulls face the challenge of maintaining the price above the $67,000 support level for a meaningful upside potential.