- Bitcoin may see a short-term decline to $115,000 before resuming its upward trend.
- Technical patterns suggest Bitcoin could rise by 15% to new highs above $136,000.
- Analysts identify a bull pennant and inverted head-and-shoulders as signs of continued rally potential.
- Some analysts warn of a possible price drop to test support at $115,000 amid current volatility.
- Projected price targets range from $125,000 to $155,000 based on different chart formations.
The price of Bitcoin (BTC) has remained below $120,000 this week, holding steady near a level that many analysts consider crucial resistance. Market observers report that BTC is currently consolidating, with technical indicators signaling potential for further gains after a brief pullback.
Between July 8 and Saturday, Bitcoin jumped 14%, hitting a record high close to $123,000. It has since eased, trading between this new peak and $115,000.
Chart analysis from Cointelegraph Markets Pro and Binance” target=”_blank” rel=”noopener nofollow”>TradingView shows Bitcoin moving within a bull pennant, a chart pattern often seen before a strong price move. Crypto trader Titan of Crypto stated on X that Bitcoin is in a “bull pennant breakout targeting $140,000”. The bull pennant pattern usually forms after a sharp rise, followed by a consolidation phase, and signals continuation if the price breaks upward.
A breakout from this structure could push Bitcoin up about 15% from its current position, targeting around $136,500. However, Cointelegraph notes this pattern’s historical success rate is around 54%, making it less reliable than others.
Another technical indicator—the inverted head-and-shoulders pattern—was highlighted by analyst Merlijn The Trader. According to this analysis on the three-day chart, momentum suggests a move toward $140,000. “The breakout is real. Momentum is undeniable. $140K is the measured target,” Merlijn The Trader said. A separate analyst forecast based on a golden cross (when a short-term moving average crosses above a long-term one) puts a further possible target at $155,000. Meanwhile, trader Marcus Corvinus set a lower estimate, suggesting a symmetrical triangle formation could lead to a $125,000 target.
Analysts also warn that Bitcoin could briefly dip to $115,000 to test support levels before continuing higher. AlphaBTC commented on X that a move lower may help gather the liquidity required for an upward push. Data from the BTC liquidity map indicates significant buying interest between $115,000 and $116,100.
Daan Crypto Trades noted that trading volume is mainly around $118,000, and advised followers to monitor $115,000 as support and $121,000 as resistance for potential trading opportunities. “Keep an eye out for these local highs and lows for a potential liquidity sweep,” Daan Crypto Trades wrote.
This article provides information only and does not offer investment advice. Readers should evaluate risks before making any financial decisions.
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