Bitcoin Price Bull Flag Pattern Breakout Sets $137K As Next Target

Bitcoin price saw much-awaited upside momentum to surge past $109,500, with a new all-time high expected on the charts. Traders and analysts anticipate that multiple bullish signals can take the Bitcoin price to $137K.

The bull flag pattern formation was confirmed by veteran trader Peter Brandt, 10x Research, and other analysts. Can Bitcoin price begin a parabolic rally in July?

10x Research Predicts $135K Bitcoin Price Target

In a new analysis on July 3, 10x Research sets $135K as the price target in the latest Bitcoin price prediction, citing a breakout above the bull flag pattern.

He pointed out that Bitcoin ETF flows remain strong, crypto exchange balances are shrinking, and political pressure on the Fed to cut rates is intensifying.

He highlighted another attempt by BTC to break above the critical $110,000 level following bullish setups in December, January, May, and June. Markus Thielen said,

“With July’s historically bullish seasonality in full swing and the next labor market data point just hours away, the setup couldn’t be more critical.”

Veteran Trader Peter Brandt Tries to Fool Crypto Community

In an X post on July 3, veteran trader Peter Brand shared an inverse Bitcoin price chart in the daily timeframe, saying, “Is this bear flag?” This gave the community a laugh as they awaited the next move in Bitcoin.

Actually, he was pointing out a bull flag pattern formation in the daily BTC chart. The bullish pattern confirmed a potential for a parabolic rally in Bitcoin price.

He didn’t give his price target, but the chart hinted at an upside move at least to $140,000.

Bitcoin Price Prediction By Other Analysts

Analysts such as Titan of Crypto also predicted a massive upcoming rally in the BTC price. He shared a $137K Bitcoin price target based on the bull flag pattern breakout.

He also signaled a bullish MACD crossover in the daily timeframe, supporting the rally.

Recently, Matrixport revealed that July has historically favored Bitcoin and set $116K as the initial target.

An upside move in Bitcoin is important to confirm bullishness, as evident from Bitcoin ETF inflow and rising corporate Bitcoin holdings.

Over the past 10 years, the Bitcoin price has rallied in seven out of ten times in July. The asset has recorded on average 9.1% gains.

In fact, the three down years saw only modest, single-digit declines, while five years recorded double-digit gains.

BTC Price Jumped 4% Amid Bullish Momentum

BTC price surged 4% in the past 24 hours, with the price trading at $109,163 at the time of writing. The 24-hour low and high were $106,155 and $109,763, respectively.

Furthermore, the trading volume has increased further by 22% in the last 24 hours, which indicates a rise in interest among traders.

In the daily timeframe, the price was above the 50-SMA, 100-SMA, and 200-SMA at the time of writing. Whereas, the Relative Strength Index (RSI) rose to 60, signaling potential for further upside moves.

CoinGlass data showed massive buying in the derivatives market. At the time of writing, the total BTC futures open interest jumped 8% to $74.94 billion in the last 24 hours.

BTC futures OI on CME and Binance climbed more than 3% and 7%, respectively. This signals bullish sentiment among derivatives traders.

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