Double Bullish Pattern Tips Bitcoin For $167,000 Target – Analyst
Double Bullish Chart Patterns Set Bitcoin on Path Toward $167,000, Says Analyst
Summary: Crypto analyst “Plan D” has projected a breakout Bitcoin price target of $167,000, citing the formation of two bullish technical patterns. This prediction comes amid ongoing market volatility driven by geopolitical uncertainties.
Technical Indicators Signal Major Upside Potential
In a recent post on X, Plan D outlined a bullish scenario for Bitcoin (BTC), supported by the convergence of a falling wedge and a bullish pennant formation. These classic chart patterns are commonly associated with bullish reversals and price breakouts.
According to the analyst, Bitcoin’s recent price structure since early 2025 has reflected this dual-pattern formation. The falling wedge occurred during a notable market correction earlier in the year, but Bitcoin managed to reclaim positive momentum, breaking above resistance at $85,000.
This breakout fueled a sharp rally to a fresh all-time high of $111,814 in May. Subsequently, BTC entered into a narrow consolidation range, forming a pennant that Plan D believes signals continuation of the bullish trend.
If Bitcoin holds support at the lower boundary of the pennant ($102,300), Plan D targets a move toward $121,000 in the short term, with further upside toward $167,000. The analyst notes that the setup remains valid so long as structural support remains intact, regardless of macro news events.
BTC Price Update and Market Outlook
At the time of writing, Bitcoin is trading at $104,960, marking a modest 0.15% decline over the last 24 hours. However, the cryptocurrency has posted a 1.23% gain on the week and is up 2.10% over the past month, indicating that bulls may still be holding ground.
Related: Bitcoin Flashes Early Buy Signal? – UTXO Ratio Drops After Local Peak
For Bitcoin to sustain its bullish momentum and reenter price discovery, it must convincingly break above the key resistance at $110,000. This price level has acted as a strong ceiling, with multiple failed attempts to breach it over the past week.
