Bitcoin has surged past $118,000, with analysts forecasting a potential rise to $140,000 by August 2025. This prediction follows a pattern similar to late 2023 trends, where Bitcoin experienced a sharp correction before rebounding. The current rally is supported by the one-week 50-period moving average, according to TradingShot insights shared on TradingView. Analyst Ted Pillows also supports this bullish outlook, pointing to Wyckoff Accumulation patterns and an increase in the global M2 money supply as contributing factors. As of now, Bitcoin is trading at approximately $116,927, marking a 5% increase in the last 24 hours and an 8% rise over the past week. The cryptocurrency remains above its 50 and 200-day moving averages, reinforcing a long-term bullish trend.