Bitcoin price has been hovering below $120,000, considered a key resistance level. Analysts suggest a price pullback to around $115,000 before a potential uptrend. A bull pennant formation indicates Bitcoin could rise by 15% to surpass $136,000. The setup suggests an 'explosive phase' of the bull run is imminent. An inverted head-and-shoulders pattern seen on a three-day chart supports a potential target of $140,000. While some analysts forecast a pullback to capture liquidity, which may provide upward momentum, the market should be approached cautiously, as the success rate of bull pennants is only about 54%. Traders are advised to monitor local highs and lows to predict short-term movements. Overall, bullish sentiment remains strong among analysts, hinting at significant price action in the near future.

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