A new analysis for Bitcoin suggests that the most explosive phase to $140,000 is near . The analysis considers whether the current bull pennant will confirm and send BTC beyond $136,000 .
Bitcoin has spent most of the week pinned below $120,000 , which many analysts have labeled as a key resistance zone. However, a new technical setup suggests that BTC is likely consolidating within a bull pennant before resuming its uptrend .
The Bitcoin “bull pennant” targets $136,000 and beyond . Bitcoin rallied by 14% between July 8 and Saturday to reach an all-time high of nearly $123,000 . Since then, BTC price has pulled back, consolidating between the all-time high and $115,000 . The latest data from Cointelegraph Markets Pro and TradingView shows BTC trading inside a bull pennant, suggesting that the final “explosive phase” is next .
Bitcoin is in a “bull pennant breakout targeting $140,000,” said popular crypto trader Titan of Crypto in a Monday post on X . A bull pennant is a continuation pattern that occurs after a significant rise, followed by a consolidation period at the higher price end of the range .
A positive breakout from the pennant could potentially lead to the next leg up for Bitcoin, measured at $136,500 or 15% from its current price level. It is important to note that the success rate of a bull pennant is only around 54%, which makes it one of the least reliable patterns . However, another classic pattern was spotted by Merlijn The Trader, a Bitcoin analyst, who says a BTC price target of $140,000 is in play based on an inverted head-and-shoulders pattern on the three-day chart.
Meanwhile, Bitcoin was trading at $119,269 , up a slight 0.9% over 24 hours but down 2.9% over the past week . Additionally, it gained 9.4% over two weeks and 15.3% in the past 30 days , but remains 2.9% below its July 14 all-time high .
While many analysts predict that Bitcoin will reach $140,000 , it is important to note that the success rate of a bull pennant is only around 54% , which makes it one of the least reliable patterns.