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The popular crypto analyst with X pseudonym plan D has shared an interesting prediction of Bitcoin, which supports the cryptocurrency to attain a price goal of 167,000 US dollars based on the simultaneous formation of two bullish chart patterns.
Remarkably, the Bitcoin market has recently been shaken by considerable volatility levels after renewed attention to the geopolitical tensions within the Middle East. The flagship cryptocurrency crashed to lower than 103,000 US dollars on Friday, followed by a moderate price yield.
Bullic pennant and falling wedge formation: The daring goal of 167,000 US dollars
In an X -Post on June 13, Pland divided a reasonably fascinating Bitcoin price evaluation, which indicates that the leading cryptocurrency for a very important price storm stays up so far. According to the renowned trading expert, Bitcoin's price campaign has created a falling wedge and bullish pennant formation for the reason that starting of 2025.
Both positive diagram patterns are interesting that indicate an upcoming price outbreak. The evaluation of Pland shows that the falling wedge formation in the primary trimester of 2025 is essentially presented, where Bitcoin experienced an extended market correction before a double prize -reaching reversal that broke the wedge on the upper limit of $ 85,000.
Source: @cryptododo7 on x
After this back rash, Bitcoin began a sensational price meeting to attain a brand new all-time high of $ 111,814 on May 22, which represents the pole of a bullish flag pattern. Since the achievement of this prices, the leading cryptocurrency has slipped right into a downward consolidation pattern and has been a side channel previously two weeks, which is the pennant.
In accordance with the initial falling wedge, the evaluation of Pland indicates that Bitcoin is anticipated to attain a price goal of USD 121,000. However, the analyst notes that this bullish situation stays only valid, provided that the Premier cryptocurrency stays above the lower limit of the Pennant at 102,300.
If Bitcoin bulls can keep this price status, Pland expects gradual progress of $ 121,000 and even via the Bull Flag course of USD 167,000. Interestingly, the analyst bravely supports the prediction that the support given is maintained independently of reports developments.
Bitcoin price view
At the time of the press, BTC is $ 104,960, which contradicts a decline of only 0.15% last day. In the case of an extended time-frame, the leading cryptocurrency in weekly diagram increases by 1.23% and a couple of.10% within the monthly diagram, which indicates that bullish forces still keep fading control over the market.
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In order to reorganize a price discharge phase that maintains the continuing crypto bull run, Bitcoin has to transcend the present all-time high. However, the asset is currently fighting with a major resistance within the zone of 110,000 US dollars, which has proven to be effective after two rejections last week.
BTC trade at 104,951 USD within the Daily Chart | Source: btcusdt in tradingview.com
Selected picture of iStock, Diagram by Tradingview
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