Bitcoin Forms Bullish Flag Structure With Analysts Tracking $140K Breakout Level

Bitcoin forms a bullish flag, with analysts eyeing $140K and Fibonacci targets near $166K.

On-chain data shows buyer dominance as Spot Taker CVD flips positive after mid-July.

October and November are viewed as breakout months, backed by seasonal strength and liquidity.

Bitcoin is showing chart structures that align with another bullish rally. Current technical formations reveal a bullish flag pattern, and analysts are pointing to October and November as potential catalysts for stronger upward momentum. Market participants are tracking key levels while historical data supports seasonal strength in this period.

Bullish Flag Formation Points Toward $140K

Bitcoin has moved inside a descending channel since August 2023, forming what analysts describe as a bullish flag structure. According to analysis prepared by Captain Faibik, this corrective movement remains consistent with earlier consolidation patterns seen before major rallies. Resistance and support levels inside this channel continue to shape near-term price action.

Technical projections indicate that once resistance breaks, price expansion could target the $140,000 level. Earlier in 2023, Bitcoin exited a similar descending channel and delivered a sharp upward continuation. The repeating behavior signals alignment with a continuation pattern that has appeared across multiple market cycles.

Source: KamranAsghar(X)

Kamran Asghar also mapped Fibonacci extension targets that reinforce these levels. His analysis showed initial resistance near $127,568, extending toward $142,831 and $166,546. This sequence reflects progressively higher projections, supported by the ongoing formation of higher highs and higher lows in the daily chart structure.

Market Liquidity and Seasonal Patterns Support Rally Outlook

Bitcoin is currently trading at $116,702, recording a 3.16 percent increase in 24 hours, according to CoinMarketCap data. Daily trading volume stood at $62.75 billion, with circulating supply reaching 19.92 million BTC. Market capitalization rose to $2.32 trillion, reflecting both strong liquidity and expanding market participation.

Source: CoinMarketCap

On-chain data shows steady accumulation across exchanges, with the Spot Taker CVD flipping positive for the first time since mid-July. This indicator tracks the balance between aggressive buying and selling, with the current shift confirming buyer dominance. At the same time, the Coinbase premium index reflects consistent spot demand from U.S.-based investors.

Historical data shows that when Bitcoin closes September in positive territory, rallies often extend for several months. October, often referred to as Uptober, has recorded average gains exceeding 20 percent across multiple years. With the current flag formation intact and seasonal momentum approaching, analysts are identifying October and November as months with elevated breakout potential.

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