Bitcoin (BTC) is consolidating in a bullish pennant formation near $119,000 after surging from $98,000 to $123,000 in recent weeks, with analysts predicting a potential breakout to new all-time highs if it breaches the $120,000-$123,000 resistance zone. Technical analysis reveals a recurring pattern since 2023 where BTC gains ~50% before consolidating, suggesting a next target of $135,000-$165,000 if historical trends hold.
Miner outflows peaked at 16,000 BTC on July 15 – the largest since April – contributing to recent consolidation, though CryptoMitchX notes selling pressure has now diminished. The Fair Value Gap (FVG) at $105,000-$110,000 provides structural support, while momentum indicators show higher lows and RSI at 66-68, indicating room for upside.
Despite bullish sentiment at 64% per the Advanced Sentiment Index, Axel Adler warns bulls "lack aggression" as spot buying pressure declines. BTC must hold $115,700 support to maintain its bullish structure; failure to break $123,000 resistance risks short-term reversal. Volume confirmation remains critical for sustaining momentum toward the $125,000 target.