Semilore FaletiPopular crypto analyst with X pseudonym Plan D has shared an interesting prediction of Bitcoin backing the cryptocurrency to attain a $167,000 price target based on the concurrent formation of two bullish chart patterns.
Notably, the Bitcoin market has been recently rocked by significant levels of volatility following a reawakening of geopolitical tensions in the Middle East. The flagship cryptocurrency crashed to below $103,000 on Friday, which was followed by a moderate price rebound.
Bullish Pennant And Falling Wedge Formation: The Audacious $167,000 Target
In an X post on June 13, PlanD shares a rather intriguing Bitcoin price analysis hinting the premier cryptocurrency remains on course for a major price surge. According to the renowned trading expert, Bitcoin’s price action since the beginning of 2025 has consecutively created a falling wedge and bullish pennant formation.
Interesting, both are positive chart patterns indicating an impending price breakout. PlanD’s analysis shows the falling wedge formation is largely represented in the first trimester of 2025, where Bitcoin experienced a prolonged market correction before a double eventual price reversal that broke through the wedge at the $85,000 upper boundary.
Following this rebound, Bitcoin embarked on a sensational price rally to achieve a new all-time high at $111,814 on May 22, representing the pole of a bullish flag pattern. However, since hitting this price peak, the premier cryptocurrency has slipped into a downward consolidatory pattern, forming a sideways channel over the past two weeks that represents the pennant.
In line with the initial falling wedge, PlanD’s analysis suggests Bitcoin is expected to attain a price target of $121,000. However, the analyst notes that this bullish situation remains only valid provided the premier cryptocurrency stays above the lower boundary of the pennant at $102,300.
If Bitcoin bulls are able to hold this price status, PlanD expects a gradual progress to $121,000 and even beyond to the bull flag price target of $167,000. Interestingly, the analyst boldly backs the prediction provided that the specified support is maintained regardless of news developments.
Bitcoin Price Outlook
At press time, BTC trades at $104,960, reflecting a mere 0.15% decline in the past day. On longer timeframes, the premier cryptocurrency is up by 1.23% on the weekly chart and 2.10% on the monthly chart, suggesting that bullish forces still retain a fading control of the market.
Related Reading: Bitcoin Flashes Early Buy Signal? – Advanced UTXO Ratio Drops Sharply After Local Peak
To re-enter a price discovery phase that sustains the ongoing crypto bull run, Bitcoin must break above its current all-time high. However, the asset is currently contending with a significant resistance level at the $110,000 zone, which has proven effective following two rejections in the past week.
- Ethereum Whales Ramp Up Accumulation By 1.50 Million ETH — Incoming Price Boom?In line with the crypto market, Ethereum prices briefly crashed below $2,500 on Friday due to escalating geopolitical tensions between Israel and Iran. The prominent altcoin currently trades around $2,567 following a slight recovery but remains some distance off the week’s high of $2,871. Amidst all these recent developments, prominent blockchain analytics company Santiment has shared a positive report hinting at a bullish ETH future. ETH Whale Holdings Grow By 3.72% In 30 Days In an X post on June 14, Santiment provides valuable insights into Ethereum whales’ behaviors. The credible analytics firm reports that all 6,392 of such investors holding between 1,000 and 100,000 ETH have significantly increased their holdings over the past month compared to retail investors. Related Reading: This Analyst Predicted The Dogecoin Price Crash – Here’s The Rest Of The Forecast In adding data to this claim, Santiment further shares that ETH whales have acquired 1.49 million ETH, worth $38.26 million, in the past 30 days, boosting their total holdings by a significant 3.72%. Generally, whale accumulations are bullish signals that indicate an asset’s strong potential for long-term price appreciation. Therefore, ETH’s recent whale activity is likely to encourage significant levels of retail investment that could incite a price rally. Interestingly, CoinMarketCap data shows the altcoin has recorded a 2.38% decline over the past month. The token’s price has largely oscillated within a range of $2,400 to $2,800, reflecting indecision in the market amidst external pressures and a lack of clear bullish catalysts. Ethereum whales have conducted this accumulation spree during a period of market uncertainty, indicating strong investor confidence regardless of the present market situation. Ethereum Price Overview At the time of writing, Ethereum trades at $2,536 following a price gain of 1.18% in the past day. Meanwhile, the altcoin is up by 3.82% on its weekly chart after a notable brief price ascent above $2,800. According to data from CoinCodex, the general ETH market sentiment is bullish while the Greed & Fear Index stands at 61 (Greed). This report is well reflected in the reported accumulation trend. Related Reading: Ethereum Faces Stress As Israel-Iran Conflict Shakes Sentiment – ETH/BTC Support In Focus The CoinCodex team predicts Ethereum will maintain its range-bound movement in the short term, as indicated by projections of $2,825.11 in five days and $2,767 in a month. Meanwhile, their long-term forecasts paint a strong bullish future of $4,269.40 in the next three months. With a market cap of $309.46, Ethereum continues to rank as the second-largest cryptocurrency with a market dominance of 9.4%. Featured image from Pexels, chart from TradingviewSemilore Faleti13hours ago
- IBM’s New Quantum Roadmap Brings the Bitcoin Threat CloserIBM’s Starling system may shorten the timeline for quantum computers to challenge Bitcoin’s cryptographic foundations.Decrypt13hours ago
About Us
Service
Terms and Conditions
