Bitcoin Down 1.7% Amid Global De-risking, Analyst Predicts $137,000 Target

Rising tensions between Israel and Iran have led to a decline in risk-on assets, including Bitcoin (BTC), which is down 1.7% in the last 24 hours. Despite this, technical indicators suggest BTC could reach a new all-time high (ATH) soon.

Bitcoin Patterns

BTC is following the ABCD pattern, with potential to reach $137,000 if it breaks out of its current wedge formation.
A bullish double bottom pattern on the 4-hour chart indicates recovery potential.
A cup and handle pattern is forming on the daily chart, which typically signals an upward move.
The Hash Ribbons indicator suggests a major rally could occur, as previous signals preceded strong uptrends.

Bears Gaining Control?

BTC remains above $100,000 but has been rejected at the $110,000 resistance level, allowing bears to regain control.
Long-term holders are exiting, while retail investors are entering, a trend seen in late bull cycles.
Short-term holders show declining confidence reflected in recent on-chain activity.

Currently, BTC trades at $105,568, down 1.7% over the past 24 hours.