Bitcoin Price Forms Bullish Pennant, Potential Rally to $137,000
Analyst Titan of Crypto suggests Bitcoin could reach $137,000 due to a bullish pennant formation. Key points include:
- A potential new all-time high if BTC breaks upwards in the coming weeks.
- Current resistance and bearish pressure are noted despite the bullish pattern.
- The breakout target is around $84,000, with a possible rally to $92,000 if successful.
- Psychological resistance at $100,000 as BTC looks to reclaim $92,000 for further upward movement.
Additionally, analyst Ali Martinez identified $86,000 as a critical resistance level. A rejection here may drop BTC back to $79,000, while breaking through could lead to $97,000. Notably, 37,000 BTC have been withdrawn from exchanges recently, indicating active accumulation.
Kevin Capital expressed a bearish outlook until BTC surpasses $89,000, emphasizing caution at current levels. As of now, Bitcoin trades around $84,600, reflecting a recent increase.
