Bitcoin Eyes $137K as Bull Pennant Breakout Nears

Bitcoin trades near $109K as a bull pennant forms, with traders eyeing a potential breakout toward the $137K price target.

Tight consolidation and declining volume suggest Bitcoin is coiling for a breakout, with the next move likely setting the trend.

Bitcoin’s bull pennant reflects bullish continuation as volume and momentum align near a breakout zone, drawing intense market focus.

Bitcoin is flashing a powerful bullish signal as it trades at $108,929.52, with a classic bull pennant forming on the chart. This setup suggests a potential breakout that could launch prices toward $137,231.66 in the near term. The current market structure reflects a strong uptrend from $68,000, followed by a tight consolidation phase. Traders are watching closely as Bitcoin approaches a critical decision point, where a move above resistance could confirm the pattern’s target.

Bull Pennant Structure Takes Shape

The price rally from $68,000 to over $108,000 formed the flagpole of the bull pennant. After this steep rise, Bitcoin entered a triangular consolidation. Converging trendlines define this pennant, with lower support and upper resistance tightening into an apex.

Source: Titan

Moreover, trading volume has declined during this sideways phase, a typical trait of pennant formations. The price now hovers near the upper trendline, where bulls and bears face off. A breakout above this resistance could unlock explosive upside momentum.

$137K Target Comes into View

Technical projections suggest a move to $137,231.66, calculated by adding the flagpole height to the breakout point. A green circle highlights this expected breakout zone, showing Bitcoin’s price near the convergence point.

Consequently, volume expansion here would confirm the breakout’s strength. A blue line on the chart marks the $137K target, while a dashed trendline shows potential resistance in the months ahead. This setup spans late 2024 to early 2026, giving traders a broad timeframe to watch.

Market Eyes Crucial Sessions Ahead

Bitcoin’s next few daily candles are critical. If bulls push above resistance with strong volume, momentum could accelerate fast. However, a rejection could send prices back toward support, extending the consolidation.

Significantly, the bull pennant pattern reflects a pause, not a reversal. Most often, it resolves in the direction of the prior trend. Hence, this technical setup supports continued upward movement if validated.

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