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.
Bullish Pennant And Falling Wedge Formation: The Audacious $167,000 Target
In an X post on June 13, PlanD shares a rather intriguing Bitcoin price analysis hinting the premier cryptocurrency remains on course for a major price surge. According to the renowned trading expert, Bitcoin’s price action since the beginning of 2025 has consecutively created a falling wedge and bullish pennant formation.
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.
In line with the initial falling wedge, PlanD’s analysis suggests Bitcoin is expected to attain a price target of $121,000. However, the analyst notes that this bullish situation remains only valid provided the premier cryptocurrency stays above the lower boundary of the pennant at $102,300.
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.
Bitcoin Price Outlook
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.
Related Reading: Bitcoin Flashes Early Buy Signal? – Advanced UTXO Ratio Drops Sharply After Local Peak
To re-enter a price discovery phase that sustains the ongoing crypto bull run, Bitcoin must break above its current all-time high. However, the asset is currently contending with a significant resistance level at the $110,000 zone, which has proven effective following two rejections in the past week.
BTC trading at $104,951 on the daily chart | Source: BTCUSDT in TradingView.com
Featured image from iStock, chart from Tradingview
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