Bitcoin Gains 4.89% Weekly, Eyes 34% Rise to $144,000

Bitcoin (BTC) has maintained its position above $107,000 following a 4.89% weekly gain, indicating a potential resurgence of bullish momentum. Although the monthly chart shows a modest increase of 1.06%, the daily chart is beginning to exhibit a clear technical structure.

Merlijn The Trader, a well-known analyst, has identified a bull flag pattern on the BTC daily chart. This pattern started with a sharp rise from $74,000 to $110,000 in April and May, followed by a consolidation phase within a descending channel, forming the flag.

Recently, BTC has briefly surpassed this descending range, suggesting that the next upward movement may be imminent. According to standard measured move calculations, the bull flag pattern projects a breakout target near $144,000, representing a 34% increase from current levels.

Supporting the bullish outlook, the MACD indicator has recently shown a bullish crossover, its first since early June. This crossover occurred as BTC tested the upper boundary of its consolidation zone, further reinforcing the potential for a breakout.

Key technical highlights include a pattern target of $144,000, a breakout trigger at a close above $109,000, and the first bullish MACD signal in weeks. Immediate support is provided by the 50 EMA at $107,347. However, a sustained push above $109,000 is necessary to confirm the pattern, as failure to do so could result in range-bound trading.

BTC is currently trading within a narrow range between $106,450 and $108,980, with the 50-period EMA at $107,347 acting as near-term support. Repeated rejections below $109,000 indicate market hesitation. Traders are advised to watch for volume confirmation before taking breakout trades, as the MACD histogram momentum remains flat.

For those considering a trade setup, a buy trigger is suggested at a daily close above $109,000, with a stop loss below $106,450. Targets are set at $110,448 and $111,944. In the event of a failure to close above $106,450, support levels are at $104,687 and $102,979.

While BTC has not yet confirmed a full breakout, the combination of a bull flag structure and a fresh MACD buy signal suggests a potential for a significant move. If $109,000 is surpassed with strong follow-through, $144,000 becomes a valid technical target. Until a clear breakout occurs, the Bitcoin price prediction maintains a neutral bias in the short term, but the overall structure remains bullish.