Bitcoin Bull Flag Breakout Signals $160K Target if $119K Support Holds
Crypto analyst Rekt Capital notes that Bitcoin has reclaimed its Bull Flag pattern by holding above the former resistance and ending recent downside deviations. The key support at $119,000 must hold to confirm the breakout, while the dynamic resistance near $126,000 needs to be breached within the next one to two weeks to accelerate the rally. If BTC clears $126,000, the $160,000 target remains in play under its ongoing Price Discovery Uptrend 2. Failure to do so may trigger a corrective phase — dubbed Price Discovery Correction 2 — but won’t derail the long-term bullish outlook. Traders should monitor the 119K support and 126K resistance levels closely as they will shape Bitcoin’s near-term trajectory toward six-figure prices.
Bullish
Rekt Capital’s technical analysis highlights a decisive reclaim of the Bull Flag pattern, a classic continuation signal in strong uptrends. Historically, Bitcoin has followed such patterns with significant follow-through; for example, after the July 2023 bull flag breakout, BTC surged from $35,000 to $69,000. Holding $119K support underpins buyer confidence and reduces the risk of deeper corrections. A breakout above $126K would likely catalyze higher momentum, drawing in momentum traders and reinforcing institutional FOMO, propelling Bitcoin toward the $160K roadmap. Even if resistance holds and triggers the “Price Discovery Correction 2,” this would merely be a consolidation phase, offering healthier price structure for the next leg up. Short-term volatility around these levels is expected, but the overall bullish trajectory remains intact – favoring long positions and strategic entries on dips.