Top crypto analyst forecasts a major Bitcoin breakout to $144,000 as a classic bull flag pattern emerges, here’s what it means for BTC’s next move.
Bitcoin (BTC) is stabilizing above the $107,000 mark after posting a solid 4.89% gain over the past week. Although monthly growth remains modest at just over 1%, a top crypto analyst has now spotted signs of a much larger rally forming, one that could push the leading cryptocurrency to $144,000.
Classic Bull Flag Structure Forms On Bitcoin’s Chart, Analyst Targets 34% Upside
According to a recent X post by crypto analyst Merlijn The Trader, Bitcoin’s daily chart is displaying a textbook bull flag pattern. The setup began with BTC’s vertical rally from around $74,000 to $110,000 in April and May, creating the flagpole. Since then, BTC has cooled off into a descending consolidation channel, forming the flag.
Now, the price has nudged above the upper resistance of this channel, indicating a potential breakout in progress. Using standard measured-move analysis, Merlijn forecasts a price target of approximately $144,000, representing a possible 34% increase from current levels.
Momentum Indicators Support Bullish Bias
Adding weight to the bullish narrative is the MACD (Moving Average Convergence Divergence), which has just triggered a bullish crossover, its first in several weeks. The MACD line crossing above the signal line typically suggests strengthening momentum and often precedes trend continuation.
Key Technical Levels:
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Breakout confirmation: Daily close above $109,000
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Support: 50-day EMA near $107,347
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Trade Range: $106,450 – $108,980
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Target zone: $144,000 if breakout holds
Futures data indicate that traders are once again taking strong long positions, with open interest at levels not seen since before the 2021 bull market. Analyst sentiment has shifted from cautious to optimistic as price action aligns with key technical indicators.
Despite the growing enthusiasm, analysts stress the importance of confirmation. A sustained close above $109,000 is critical to validate the bull flag pattern. Until then, Bitcoin could remain range-bound or even retreat toward support levels near $104,687 or lower.
