Bitcoin Price Forms This Bullish Pennant On Daily Chart That Could Trigger Rise To $137,000

Crypto analyst Titan of Crypto has raised the possibility of the Bitcoin price rallying to as high as $137,000. The analyst highlighted a bullish pattern that shows the flagship crypto can reach this ambitious price target. 

In an X post, Titan of Crypto suggested that the Bitcoin price could reach $137,000 at some point. This came as he revealed that BTC has formed a bullish pennant on the daily chart. The analyst remarked that if this plays out, a new all-time high (ATH) could be reached, regardless of the current market sentiment. 

His accompanying chart showed that $137,129 was the target for the Bitcoin price as it eyes a rally to new highs. The analyst indicated the key was to see if the flagship crypto could break to the upside in the coming weeks. In the meantime, BTC looks to be facing a lot of resistance and bearish pressure.

In his Ichimoku cloud analysis of the Bitcoin price action, the analyst stated that BTC is now facing resistance with a fair gap value and entry into the Kumo cloud. He outlined two scenarios that could play out for the flagship crypto. The first is a continuation through the cloud, while the second is a retest of the Kijun and the trendline before continuation. 

His accompanying chart indicated that the key was to break above the range of around $84,000. A successful breakout from this range could lead to a rally to as high as $92,000. This could eventually pave the way for the Bitcoin price to rally to new highs, especially with the psychological $100,000 level in sight once BTC reclaims $92,000. 

In an X post, crypto analyst Ali Martinez revealed that $86,000 is a key resistance zone for the Bitcoin price. He stated that a rejection from this zone could send BTC back to $79,000. However, a breakout might open the path for the flagship crypto to rally to as high as $97,000. 

Crypto whales are still actively accumulating BTC, which is positive for the Bitcoin price. Martinez revealed that 37,000 BTC have been withdrawn from exchanges in the past 24 hours, which the analyst noted is a strong signal of accumulation.

Crypto analyst Kevin Capital believes that the Bitcoin price structure is still bearish for now. In an X post, he stated that a break above $89,000 would mean BTC is back in action. Until then, he asserted that there is no real reason to get overly hyped at the current level. 

At the time of writing, the Bitcoin price is trading at around $84,600, up in the last 24 hours, according to data from CoinMarketCap.