Analyst's view: Bitcoin has successfully broken through $121,000, with the "bull flag" target aimed at a new high of $137,000.

Bitcoin recently surged past the $121,000 mark, igniting a new wave of bullish sentiment in the market. This key breakout not only successfully reclaimed previous highs but also formed a highly bullish "bull flag" pattern on the technical front, indicating the direction for future price movements.

From a technical analysis perspective, Bitcoin's recent rise can be described as a steady advance. After successfully testing the support level of $117,000 and confirming its validity, the price began to rise steadily.

Cryptocurrency analyst Madden pointed out that the current MACD indicator is forming a golden cross, accompanied by a moderate increase in trading volume. This simultaneous rise in both volume and price often indicates the continuation of a trend. Even more exciting is that the rising channel, with consistently higher price lows, remains intact, laying a solid foundation for future market developments.

Looking ahead, the market is generally focused on three key target levels. In the short term, $127,500 will be the first important resistance that needs to be overcome; if effectively broken, $131,500 will become the next target; ultimately, the historical high area of $136,900 may become the ultimate test of this round of market movement.

It is worth noting that these technical target levels perfectly correspond with the continuous inflow of institutional funds. The latest data shows that the weekly net inflow of Bitcoin ETFs has continuously hit new monthly highs, providing ample liquidity support for price increases.

Overall, in the current environment, Bitcoin is showing typical characteristics driven by both technical and capital factors.

On one hand, the bullish technical patterns continue to strengthen market confidence; on the other hand, the continuous influx of institutional funds provides a steady momentum for market development.

Once this virtuous cycle reaches a consensus, it often drives asset prices into a new round of value reassessment.

However, investors still need to remain rational and closely monitor the breakthrough of key resistance levels, as well as any potential short-term technical corrections.

#BTC # bull run flag pattern