 
 
Crypto analyst and trader Ali Martinez is highlighting a critical level that Bitcoin needs to hold to kick off a rally to a new all-time high, potentially.
Additionally, the crypto’s breakout move out of a widely-tracked, classic technical setup suggests a potential price rally toward $140,000 levels.
Bitcoin Could March Towards $131,200
Ali Martinez took to X to tell his followers that Bitcoin could be poised to continue rallying to as high as $131,200 if it successfully holds the key support level at around $117,400.
Martinez’s prediction is based on a technical analysis trendline from the beginning of July. After a scorching surge to a record just shy of $123,000 last week, BTC has been stuck in a narrow consolidation around the $118,000-$119,000 zone.
A day earlier, Bitcoin was trading at $116,787, while it is now trading at around $119,123.
 
Bitcoin’s Bull Pennant Hints At “Most Explosive Phase”
Meanwhile, another analyst, Titan of Crypto, notes that BTC is trading inside a bull pennant, implying that the final “explosive phase” is on the horizon.
Analysts view a bull pennant as a continuation pattern that occurs after a parabolic rally, followed by a consolidation phase at the higher end of the price range. Bitcoin’s chances of a breakout are currently notable as the price consolidates, particularly after the latest historic highs. Thus, the next target could be around $140,000 in the coming weeks, if the bull pennant structure pans out as intended, representing a 17% increase from current levels.
“Bull Pennant Breakout: Target $140,000. Welcome to the final and most explosive phase of the bull run,” the Titan of Crypto wrote.
Source: https://zycrypto.com/bitcoin-primed-for-massive-move-to-131000-if-this-happens-says-top-analyst/