Popular 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.
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.
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.
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.
