Bitcoin News Today: Bitcoin Bull Flag Breakout Targets $130,000

Bitcoin has recently broken through a bull flag pattern, indicating a potential upward trend. This technical pattern suggests that the cryptocurrency is poised for further gains, with analysts eyeing a target of $130,000. The breakout from the bull flag pattern is significant as it often signals the continuation of an existing uptrend. This development comes as Bitcoin continues to make strides towards another all-time high (ATH).

The bull flag pattern is characterized by a sharp price increase followed by a period of consolidation, forming a flag-like shape on the chart. The recent breakout from this pattern suggests that the consolidation phase is over, and the price is ready to resume its upward trajectory. This technical analysis is supported by the fact that Bitcoin has been trading above key resistance levels, further reinforcing the bullish sentiment.

After rising from $68,000 to $110,000 between April and June, Bitcoin entered a tight consolidation range, forming a flag bounded between $100,000 and $110,000. Early July marked the breakout, pushing the price to a local high at $122,000. With the current price around $118,262, analysts now eye $130,000 as the next possible high. The breakout level around $110,000 now acts as a key support. If that area holds, further bullish movement is possible. Analysts calculate the flag’s height, roughly at $42,000, added to the $110,000 breakout zone, implying a measured move target near $152,000.

Bitcoin has progressed 0.76% in the past 24 hours. The next bullish next moves are between $128,000 and $136,000, as per chart estimates. Provided macroeconomic conditions support growth, such as institutional demand, ETF inflow, or strong Treasury demand, Bitcoin can go even higher. Being above the level of $115,000 is essential to maintain the current trend. If BTC falls below the $110,000 to $112,000 zone, the rally may lose steam. A fall below that support would lead to an additional pullback towards $100,000. That being said, provided the price remains above the breakout point, bullishness about structure is technically justified.

In recent weeks, Dr Profit has maintained a consistent track record of new all time high predictions. Three weeks ago, a fresh ATH was predicted and hit. Two weeks ago, another was reached. Last week, the $122,500 level was met precisely. As of now, $130,000 is the next target, driven by a strong continuation of the current uptrend. The outlook is clear from the technical structure. Bitcoin Bull Flag breakout, supported by key levels and measured targets, suggests momentum is intact. Price above $110,000 confirms market strength, and the next potential leg points toward $130,000 and possibly beyond, barring any major shifts in broader market conditions.