A popular Crypto analyst using X’s pseudonymous plan D shares an interesting prediction for Bitcoin in favour of Cryptocurrency to achieve its $167,000 price target based on the simultaneous formation of two bullish chart patterns.
In particular, the Bitcoin market has been shaking recently by a considerable level of volatility following the awakening of geopolitical tensions in the Middle East. The flagship cryptocurrency collided with under $103,000 on Friday, followed by a medium-price rebound.
Bullish Pennants and Falling Wedge Formation: Bold $167,000 Target
In a June 13th X post, Pland shares a rather interesting Bitcoin price analysis, suggesting that the best cryptocurrencies remain due to the major price surge. From the beginning of 2025, Bitcoin price action created a series of wedges and bullish pennants that fell in succession, according to well-known trade experts.
What’s interesting is the positive chart patterns both show imminent price breakouts. Pland’s analysis shows that falling wedge formations are primarily represented in the first late pregnancy of 2025. Bitcoin has experienced a long-term market correction before a double final price reversal that breaks the wedge at the $85,000 cap.
Following this rebound, Bitcoin embarked on a sensational price rally, reaching a new all-time high at $111,814 on May 22nd, representing a bullish flag pattern pole. However, since this price peaked, the best cryptocurrencies have slipped into a downward concatenation pattern, forming a lateral channel representing pennants over the past two weeks.
Along with the initial falling wedge, Pland’s analysis suggests that Bitcoin is expected to meet its $121,000 price target. However, analysts point out that this bullish situation remains in effect.
If Bitcoin Bulls can maintain this price status, Pland has made its gentle progress up to $121,000 and even exceeded its bull flag price target of $167,000. Interestingly, analysts boldly support their forecasts, provided that the specified support is maintained regardless of news development.
Bitcoin price outlook
At the press conference, BTC traded at $104,960, reflecting a drop of just 0.15% over the past day. In the longer time frame, the best cryptocurrencies are up 1.23% on the weekly chart and 2.10% on the monthly chart, suggesting that bullish forces still hold control of the market decline.
Related reading: Bitcoin Flash Early Purchase Signal? – Advanced UTXO ratio drops sharply after local peak
Bitcoin must exceed the current record high to re-enter the price discovery stage that maintains an ongoing cryptobull run. However, the asset is currently competing with a large level of resistance in the $110,000 zone. This has proven effective following two rejections last week.
BTC trading at $104,951 on the daily chart | Source: BTCUSDT in TradingView.com
ISTOCK featured images, TradingView chart
Editing process Bitconists focus on delivering thorough research, accurate and unbiased content. We support strict sourcing standards, and each page receives a hard-working review by a team of top technology experts and veteran editors. This process ensures the integrity, relevance and value of your readers’ content.