Bitcoin News Today: Bitcoin Regains Bull Flag Momentum Targets $160,000 With Support Above $119,000

Bitcoin is regaining momentum after retesting a critical bullish pattern, reigniting discussions about its long-term price potential. According to crypto analyst Rekt Capital, the recent price action has positioned Bitcoin to potentially target $160,000, provided it can maintain a key support level and overcome evolving resistance [1]. The analyst’s assessment is based on a technical analysis of the Bull Flag pattern, which has historically been a reliable indicator of upward continuation in Bitcoin’s price cycles.

Bitcoin recently reclaimed its Bull Flag structure, a significant development after earlier failed attempts to confirm the breakout [1]. A successful breakout and consolidation above the pattern is seen as a positive sign for long-term bulls. The $119,000 level now acts as a critical support, and as long as Bitcoin remains above this threshold, the bullish technical setup stays intact. This level is viewed as a foundation for a potential rally toward $160,000.

The recent correction in Bitcoin, which saw a nearly 9% dip, did not disrupt the broader uptrend structure [1]. This phase, referred to by the analyst as “Price Discovery Uptrend 2,” has so far followed historical patterns. However, entering Week 6 of this uptrend has raised concerns, as previous cycles have often seen volatility or consolidation during this period. While the timing of a potential top remains uncertain, the current price action suggests that Bitcoin is still within a favorable momentum phase.

A key resistance level has emerged around $126,000, a level that first appeared in July and has since shifted in response to market dynamics [1]. Breaking through this level in the next one to two weeks could accelerate the uptrend and bring the $160,000 target back into focus. Conversely, failure to clear this level may result in a short-term pullback, described by the analyst as “Price Discovery Correction 2.” This correction would not necessarily invalidate the long-term bullish case but could delay the next upward move.

Despite short-term volatility, the broader technical picture remains intact, with Bitcoin showing renewed strength from buyers after several sharp deviations from bullish patterns [1]. The ability to hold above key support levels and break through resistance is now a decisive factor for the asset’s near-term direction.

Bitcoin’s long-term price potential remains a subject of intense speculation, with the expert’s roadmap suggesting that the $160,000 target is still viable under the right market conditions. However, this forecast should be interpreted as a possibility rather than a certainty. The outcome will depend on Bitcoin’s ability to navigate key price levels and maintain macroeconomic and institutional support.

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Source:

[1] The Grand Bitcoin Roadmap: Crypto Expert Says $160,000 Still In The Works (https://www.newsbtc.com/news/bitcoin/the-grand-bitcoin-roadmap/)