Popular crypto analysts with X Pseudonym Plan D analyzed an interesting prediction based on the simultaneous formation of two bullish chart patterns, supporting cryptocurrencies to reach their target target of $167,000.
It is worth noting that the Bitcoin market has been recently shocked by a large number of volatility after geopolitical tensions in the Middle East have gradually awakened. The flagship cryptocurrency fell below $103,000 on Friday, followed by a moderate rebound in prices.
Bullish Pangfangan and drop wedge: bold $167,000 target
In a June 13 X post, Plan shared a rather interesting Bitcoin price analysis that hints at the prime minister’s main price surge in cryptocurrencies. According to well-known trade experts, Bitcoin’s price action since the beginning of 2025 has continuously created a fallen wedge and bullish Bandan Nanfan formation.
Interestingly, both are positive chart patterns that indicate an upcoming price breakout. Pland’s analysis shows that wedge fragmentation forms in the first three months of 2025 largely stated that Bitcoin experienced a prolonged market correction before a double price reversal, breaking on the wedge at an upper boundary of $85,000.
After the rebound, Bitcoin started a sensational price rally, achieving a new all-time high for $111,814 on May 22, representing the pole of the bullish flag. However, since reaching this price peak, the Prime Minister’s cryptocurrency has slipped into a downward consolidation pattern, forming a lateral channel representing the pennant in the past two weeks.
Pland’s analysis shows that Bitcoin is expected to reach its target of $121,000. However, analysts noted that this bullish situation remains valid, as long as the Prime Minister’s cryptocurrency stays above the lower boundary of Bandannan, at $102,300.
If the Bitcoin Bull can maintain this price situation, Plant is expected to gradually progress to $121,000, or even exceed the $167,000 Bull Flag target target. Interestingly, analysts boldly support forecasts as long as news developments maintain designated support.
Bitcoin price prospects
At press time, BTC traded at $104,960, reflecting a 0.15% decline in the past day. Over the longer time frame, Prime Minister’s cryptocurrency grew 1.23% on the weekly chart and 2.10% on the monthly chart, suggesting that bullish troops still retained their fading control over the market.
Related Reading: Bitcoin flashes early buying signals? – After local peak, advanced UTXO ratio dropped sharply
To re-enter a price discovery phase that maintains the ongoing crypto bull run, Bitcoin must surpass its current all-time high. However, the asset is currently having significant resistance levels on the $110,000 region, which has proven effective after two rejections in the past week.
BTC trading at $104,951 on the daily chart | Source: BTCUSDT in TradingView.com
Featured images from Istock, charts for TradingView
Editing process For Bitcoin experts, focus on thorough research, accurate and impartial content. We adhere to strict procurement standards and each page is diligently evaluated by our top technical experts and experienced editorial team. This process ensures the integrity, relevance and value of our content to our readers.
