Popular crypto analyst with X pseudonym Plan D has shared an attention-grabbing prediction of Bitcoin backing the cryptocurrency to realize a $167,000 worth goal primarily based on the concurrent formation of two bullish chart patterns.
Notably, the Bitcoin market has been lately rocked by vital ranges of volatility following a reawakening of geopolitical tensions within the Middle East. The flagship cryptocurrency crashed to under $103,000 on Friday, which was adopted by a average worth rebound.
Bullish Pennant And Falling Wedge Formation: The Audacious $167,000 Target
In an X post on June 13, PlanD shares a quite intriguing Bitcoin worth evaluation hinting the premier cryptocurrency stays on track for a major price surge. According to the famend buying and selling professional, Bitcoin’s worth motion because the starting of 2025 has consecutively created a falling wedge and bullish pennant formation.
Interesting, each are optimistic chart patterns indicating an impending worth breakout. PlanD’s evaluation exhibits the falling wedge formation is essentially represented within the first trimester of 2025, the place Bitcoin skilled a protracted market correction earlier than a double eventual worth reversal that broke by way of the wedge on the $85,000 higher boundary.
Following this rebound, Bitcoin launched into a sensational worth rally to attain a brand new all-time excessive at $111,814 on May 22, representing the pole of a bullish flag sample. However, since hitting this worth peak, the premier cryptocurrency has slipped right into a downward consolidatory sample, forming a sideways channel over the previous two weeks that represents the pennant.
In line with the preliminary falling wedge, PlanD’s evaluation suggests Bitcoin is expected to attain a price target of $121,000. However, the analyst notes that this bullish scenario stays solely legitimate supplied the premier cryptocurrency stays above the decrease boundary of the pennant at $102,300.
If Bitcoin bulls are capable of maintain this worth standing, PlanD expects a gradual progress to $121,000 and even past to the bull flag worth goal of $167,000. Interestingly, the analyst boldly backs the prediction supplied that the required help is maintained no matter information developments.
Bitcoin Price Outlook
At press time, BTC trades at $104,960, reflecting a mere 0.15% decline previously day. On longer timeframes, the premier cryptocurrency is up by 1.23% on the weekly chart and a couple of.10% on the month-to-month chart, suggesting that bullish forces nonetheless retain a fading management of the market.
Related Reading: Bitcoin Flashes Early Buy Signal? – Advanced UTXO Ratio Drops Sharply After Local Peak
To re-enter a worth discovery section that sustains the continued crypto bull run, Bitcoin should break above its present all-time excessive. However, the asset is presently contending with a big resistance degree on the $110,000 zone, which has confirmed efficient following two rejections previously week.
BTC buying and selling at $104,951 on the each day chart | Source: BTCUSDT in TradingView.com
Featured picture from iStock, chart from Tradingview
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