Bitcoin Approaches All-Time High as Bullish Patterns Emerge

Bitcoin (BTC) is currently on an upward trajectory, approaching its all-time high (ATH). Several technical patterns and time-based indicators have turned bullish, suggesting that the flagship cryptocurrency may be poised for significant gains in the coming weeks.

Crypto analyst Jelle noted that BTC has broken out of a bullish pennant and successfully retested, indicating its readiness for a new ATH. The bullish pennant pattern suggests a potential target of $150,000. This pattern forms after a sharp upward move, followed by brief consolidation within converging trendlines, and a breakout above the pattern typically signals a continuation of the uptrend.

Another bullish structure highlighted by crypto analyst CryptoGoos is the inverse head and shoulders pattern. This pattern is characterized by three troughs—two shallow shoulders on either side of a deeper head—followed by a breakout above the neckline. CryptoGoos shared a weekly BTC chart, emphasizing that this is not the time to adopt a bearish stance on Bitcoin.

Crypto trader Merlijn The Trader drew parallels between the current BTC cycle and the 2013–2017 run. The analyst shared a chart showing that BTC has completed an ABC pattern on the weekly timeframe, followed by a prolonged consolidation and a successful breakout retest. This historical comparison suggests a similar bullish trajectory for the current cycle.

Seasoned analyst Titan of Crypto shared an interesting correlation between BTC cycles and US elections. Historically, BTC has topped approximately 53 weeks after a US election. Since the last US election was in November 2024, it’s been 36 weeks. This suggests that a BTC peak could arrive within the next 17 weeks if historical patterns hold.

On-chain data also supports a bullish outlook. According to a recent post by contributor Chairman Lee, BTC exchange reserves have fallen to a multi-year low of 2.4 million BTC. Declining exchange reserves typically signal a tightening supply, which can precede major bullish moves as demand outpaces available BTC. The current trend mirrors the 2020–2021 bull cycle.

However, not all indicators are bullish. The TD Sequential recently flashed a warning signal, hinting at a possible correction that could push BTC as low as $40,000. At the time of writing, BTC is trading at $109,232, up 0.9% in the past 24 hours.