Bitcoin Dips from $123K ATH—Bullish Pennant Flashes $137K Target Ahead

Bitcoin takes a breather after its meteoric rally—but don't mistake this for weakness. A textbook bullish pennant formation signals the next leg up could catapult BTC to $137K.

The Pullback Playbook

After tagging $123K, Bitcoin shed some froth—standard profit-taking in a market that's still hungry. The dip? A blip. The pattern? Pure momentum fuel.

Chart Whisperers See Green

Traders are eyeing the tightening coils of the pennant, a classic continuation setup. Break north, and the measured move points straight to $137K. Break south? Sure, if you believe in unicorns and 'fairly valued' altcoins.

The Cynic's Corner

Wall Street's still trying to short crypto ETFs while retail stacks sats. Some things never change—like the suits being late to the party.

BTC Latest Rally Reflects Institutional Maturation

Bitcoin’s current price action seems to reflect genuine institutional adoption through regulated vehicles like exchange-traded funds (ETFs).

Last week’s rally was primarily fueled by Optimism surrounding “crypto week” in the U.S. Congress, concluding on Friday with President Trump signing the country’s first-ever major crypto legislation into law.

One of the most significant catalysts has been the institutional adoption shift, rather than retail speculation, says Werner Brönnimann, Investment Manager at AMINA Bank.

Speaking to Cryptonews, Brönnimann said that the drive is primarily by institutional capital rather than retail-led manias of previous cycles.

“The market is seeing sustained inflows from pension funds and corporate treasuries, not social media-driven FOMO. The growing institutional focus explains why Bitcoin continues to capture the majority of crypto inflows.”

Key Market Participants Driving Crypto Growth

Despite Bitcoin’s minor 24-hour decline, several key market announcements have signalled ongoing bullish momentum. For instance, Michael Saylor on Saturday hinted at a new bitcoin accumulation strategy for his largest corporate BTC holder Strategy, using the phrase “Stay humble, stack sats.”

Further, 58 companies have been stacking 7.7k BTC in just one week. Between July 14 to 19, 4 new treasuries were launched with 817 BTC, and 21 companies added 6,873 BTC.

Week 29 – #Bitcoin Treasury Strategy Updates

July 14-19 saw 58 announcements – ~7.7k BTC

– 4 new treasuries launched with 817 BTC
– 17 future treasuries announcements – BSTR could launch with ~44.2k BTC!
– 21 companies added 6,873 BTC
– 11 plans to buy more BTC, $47… pic.twitter.com/Q9J2l6FYB0

Nearly 98% of BTC addresses are currently in profit, showing continued bullish sentiment. In the past seven days, large transactions totalled $236.5 billion.

Elsewhere, analysts suggest that ongoing interest in ethereum and other layer 1 tokens has continued to attract institutional attention.