Bitcoin (BTC) to $162,000? The Daily Chart Says GO

As Bitcoin continues to push higher, chart watchers are increasingly confident that the next major leg up could be imminent. One of the more vocal and bullish analysts, Merlijn The Trader, recently highlighted on X that Bitcoin is flashing a textbook bull pennant on the daily chart—a formation often considered a precursor to the explosive upside. 

According to his post, the pattern is “locked and loaded,” suggesting that BTC may be preparing for a breakout that could send it toward the $162,000 mark.

The Bull Pennant Pattern

Bull pennants are continuation patterns that typically appear after a strong price surge. They are characterized by a brief consolidation period where price action forms a symmetrical triangle, flanked by declining volume. This pause often represents a moment of balance between buyers and sellers before the prevailing trend resumes. For Bitcoin, this pattern follows a powerful rally from below $60,000 to recent highs, making the case for a bullish continuation technically compelling.

Merlijn’s observation reflects this textbook scenario, indicating that while some market participants remain skeptical or outright bearish, the underlying technicals are painting a different picture—one that suggests significant upside is not only possible but probable.

Market Sentiment: Skepticism Amid Strength

Despite the clear technical setup, the market remains riddled with skepticism. Short interest on derivatives platforms has been climbing, and social sentiment, while not entirely bearish, is far from euphoric. This is, paradoxically, a positive sign for bulls. Historically, Bitcoin’s strongest moves have occurred when investor confidence is low, and a significant portion of traders are positioned against the trend.

Merlijn underscored this irony in his post: “Bears are laughing now… but BTC is about to melt faces again.” The statement not only captures the contrarian spirit of crypto markets but also emphasizes how technical patterns can defy prevailing sentiment.

Macro and On-Chain Tailwinds

Beyond the charts, Bitcoin enjoys multiple macroeconomic and on-chain tailwinds. Increasing institutional inflows, growing ETF adoption in the U.S., and dwindling exchange reserves all point to a tightening supply scenario. The recent halving event, which reduced the block reward for miners, has added additional scarcity pressure.

Moreover, on-chain metrics such as realized cap, net unrealized profit/loss (NUPL), and long-term holder supply indicate that the market is still in a healthy accumulation phase, rather than at a euphoric top. These fundamentals support the technical thesis that Bitcoin has room to run higher.

The $162,000 Target: How Realistic Is It?

While $162,000 may sound ambitious, it is not without precedent. If the bull pennant plays out, and Bitcoin follows the measured move principle—where the expected breakout move mirrors the size of the prior flagpole—a move to that range becomes technically justified. The previous surge from around $60,000 to nearly $74,000 sets a foundation for this projection.

Additionally, if Bitcoin can sustain its momentum and capture a greater share of global capital looking for inflation-resistant, digitally native assets, the path to $162,000 could be accelerated by fear of missing out (FOMO) among institutions and retail investors alike.

Laugh Now, Breakout Later?

Bitcoin’s story has always been one of doubt followed by disbelief-shattering rallies. With a powerful bull pennant formation brewing, and technicals aligning with broader macro tailwinds, Merlijn The Trader’s $162,000 target—while bold—is not outlandish.

As the market stands at the crossroads of consolidation and continuation, traders and investors would do well to heed the signals the charts are sending. Because if history is any guide, Bitcoin tends to move hardest when people least expect it.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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