Bitcoin Shows Potential for Breakout Toward $130K–$132K Amid Bullish Pennant Formation

Key Points

1. Bitcoin ($BTC) is forming a bullish pennant pattern on its 4-hour chart, consolidating above the critical support zone of $116,500 to $118,000.

2. A breakout above this trendline, especially with increased trading volume, could push Bitcoin toward the $130,000–$132,000 range.

3. Long-term Bitcoin holders (LTHs) are maintaining near all-time high supply levels, reinforcing bullish sentiment.

4. The $116,500–$118,000 zone is crucial for preserving the bullish setup; a drop to $112,000–$114,000 could invalidate it.

5. Market participants should monitor the breakout potential and key support levels for Bitcoin's next move.