Bitcoin Eyes $140K as BlackRock’s IBIT ETF Breaks Out of Bullish Flag Pattern

Bitcoin’s (BTC) spot price has surged past $111,000, and technical signals point to a potential rally of up to 30%, which could propel prices beyond $140,000.

The bullish outlook comes from the daily price chart of BlackRock’s Nasdaq-listed spot bitcoin ETF (IBIT), which has confirmed a bull flag breakout—a classic pattern indicating that a prior uptrend may resume after a brief consolidation.

IBIT, designed to track bitcoin’s spot price closely, advanced 2.85% on Wednesday, briefly surpassing its May high of $63.70, according to data from TradingView. The move reinforced the flag breakout first spotted earlier this month, suggesting the five-and-a-half-week consolidation that began in May has ended, and the broader uptrend from April’s lows is back on track.

Technical Setup Signals Major Upside

Bull flags are considered bullish continuation patterns in technical analysis, where breakouts often project gains equal to the magnitude of the initial price surge. Based on the measured move method, this implies at least 30% upside potential for both IBIT and bitcoin’s spot price.

However, analysts warn that macroeconomic shifts could derail the bullish scenario. A sudden change in risk sentiment or broader market conditions might push prices back into consolidation, negating the pattern’s positive outlook.

Currently, bitcoin’s spot market is also flashing bullish signals. Veteran chart analyst Peter Brandt suggests that the technical setup supports a potential rally toward $134,000.