Analyst's View: Bitcoin Successfully Breaks Through $121,000, "Bullish Flag" Target Aiming for New High of $137,000
Recently, Bitcoin has strongly broken through the $121,000 mark, igniting a new wave of bullish sentiment in the market. This key breakthrough not only recaptured previous highs but also formed a highly bullish "bullish flag" pattern on the technical front, indicating the direction for future movements.
From a technical analysis perspective, Bitcoin's recent rise can be described as a step-by-step approach. Following a successful retest of the $117,000 support level and confirming its validity, the price began to steadily climb.
Cryptocurrency analyst Madden points out that the current MACD indicator is forming a golden cross, combined with a moderate increase in trading volume; this situation of rising volume and price often indicates the continuation of a trend. Even more exciting is that the rising channel, where price lows are continuously increasing, remains intact, laying a solid foundation for future market developments.
Looking ahead, the market generally focuses on three key target levels. In the short term, $127,500 will become the first important resistance that needs to be overcome; if effectively broken, $131,500 will be the next target; ultimately, the historical high area of $136,900 may become the ultimate test of this market cycle.
It is worth noting that these technical target levels resonate perfectly with the continuous inflow of institutional funds. The latest data shows that Bitcoin ETF net inflows have consecutively set monthly highs this week, providing ample liquidity support for price increases.
Overall, in the current environment, Bitcoin is exhibiting typical characteristics driven by both technical and funding aspects.
On one hand, the increasingly bullish technical patterns are reinforcing market confidence; on the other hand, the continuous entry of institutional funds is providing an uninterrupted driving force for market development.
Once this virtuous cycle reaches a consensus, it often propels asset prices into a new round of value reassessment cycles.
However, investors still need to remain rational and closely monitor the breakthrough of key resistance levels, as well as any potential short-term technical corrections.
