Bitcoin’s $147K Target: Why a Pullback Could Come First

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<a href="https://jpyeur.com/btc-usd/">Bitcoin</a> Eyes $147,000—but One More Pullback May Come First

Bitcoin has remained relatively stable this week, trading around $121,300 with a slight 1% increase. While the price hasn’t changed much, some analysts believe a significant price jump might require a small dip first, based on current market patterns and how investors are acting.

Several key signals, both from price charts and blockchain data, suggest a more significant price drop might be developing, even as analysts consider a new long-term price goal.

Chart Patterns Hint at a Cooling Phase Before the Next Leg Up

Bitcoin appears to be forming a pattern often seen before significant price increases. This pattern, called an inverse head and shoulders, is still developing, but its two sides are starting to look balanced, which could indicate that the market is preparing for another upward move.

Traders focused on short-term movements are noticing a pattern where the price is gradually increasing, creating something that looks like a rising wedge. This suggests the price might soon fall, and a downward trend could happen relatively quickly.

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Meanwhile, the Relative Strength Index (RSI), a tool used to gauge how quickly prices are changing, is showing a concerning pattern. From July to early October, Bitcoin’s price increased, but the RSI actually decreased – a sign that the upward trend might be losing steam and suggesting a potential price drop.

Based on current market signals – specifically, a developing chart pattern, a bearish wedge, and decreasing momentum – it’s likely Bitcoin’s price will first drop slightly to complete its current formation before potentially increasing.

Whales and Long-Term Holders Add to the Selling Pressure

As a researcher, I’ve been looking at on-chain data, and it confirms what the technical indicators are suggesting. Specifically, the Exchange Whale Ratio – which tracks how much of the inflow to exchanges comes from the 10 largest addresses – has jumped to 0.54. This is the highest it’s been since August 1st. What this usually means is that large holders, or ‘whales,’ are depositing their holdings onto exchanges, which often precedes either short-term selling activity or them simply adjusting their portfolios.

Recently, long-term Bitcoin investors have started selling more than they’re buying. A measure called the Hodler Net Position Change, which shows whether these investors are accumulating or selling, fell significantly from a gain of 3,082 BTC on September 28th to a loss of 23,461 BTC on October 9th. This large shift of over 26,000 BTC indicates that experienced Bitcoin holders are cashing in their profits.

Large investors are buying while others continue to sell, indicating they anticipate short-term price swings before the market stabilizes. This suggests a pattern is still forming, not that it has already run its course.

Key Bitcoin Price Levels to Watch

According to current analysis, Bitcoin is still aiming for around $147,700. However, to reach that price, the market needs to first become stable and confidently surpass $126,100 – which is its previous all-time high and a key level in a developing chart pattern called an inverse head and shoulders.

For now, Bitcoin is finding support around $117,900, $114,700, and $111,800. If these levels hold, the current upward trend should continue. However, a drop below $107,200 would suggest the optimistic outlook is incorrect. Conversely, if Bitcoin rises above $126,100, it could potentially climb to $147,700, signaling the start of a significant price increase.

Currently, it looks like Bitcoin might briefly dip in price before continuing to rise. While the overall trend still points upwards, successful traders will likely be those who wait for a clear signal before buying. As long as Bitcoin stays above $107,200, this positive trend is expected to continue.

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2025-10-10 10:27