Bitcoin has shown significant bullish momentum following a double technical breakthrough, simultaneously escaping a bull pennant formation and overcoming the pivotal $120,700 resistance level. This coordinated breakout suggests strong upward potential in the cryptocurrency market.
The next critical price objective now sits at approximately $137,000, calculated using established technical projection methods. Analysts emphasize that sustaining support above the $120,700 threshold will prove essential for maintaining momentum toward this ambitious target.
Market technicians interpret Bitcoin’s decisive exit from its consolidation pattern combined with the resistance reclaim as indicators of a potentially smoother upward trajectory. The double-confirmation pattern has boosted trader confidence regarding Bitcoin’s near-term direction.