Bitcoin will Bounce From Pennant Support and Rally Higher

[Antony Bishop]

Hello traders, I want share with you my opinion about Bitcoin. The market structure for Bitcoin has recently undergone a major transition from bearish to bullish, following a decisive reversal from the 111700 support level. This shift triggered a breakout from the previous descending channel and gave rise to a new upward pennant pattern, a clear signal of strengthening bullish sentiment. After setting a new all-time high around 126000, BTC has entered a short-term corrective phase, retracing toward the 120600 area, which coincides with both the pennant’s ascending support line and a key horizontal support zone. To me, this pullback looks like a textbook healthy correction within an ongoing uptrend, allowing the market to consolidate before the next move higher. I anticipate that buyers will step in around this level, defending the support and initiating a strong rebound. If the price holds and bounces off the pennant’s support line, it could trigger a bullish breakout, resuming the upward momentum. Based on this outlook, my TP target remains set at 125500.