Brewing geopolitical tensions between Israel and Iran have triggered global de-risking affecting Bitcoin (BTC) among other risk-on assets. However, some technical indicators suggest BTC could potentially reach a new all-time high (ATH) in the coming months. Crypto analyst Titan of Crypto indicates that Bitcoin is following an ABCD pattern and trading within a wedge formation, which could target $137,000 if it breaks out.

The ABCD pattern, a classic chart setup with four points and three legs, is useful in identifying potential reversal zones. Fellow analysts highlight other bullish indicators: Crypto Caesar notes a double bottom pattern, while Jelle shares a cup and handle pattern on the BTC chart. Moreover, Merlijn the Trader points to the Hash Ribbons on-chain indicator associated with major rallies, suggesting another potential upward move for BTC.

Despite these bullish signs, some concerning dynamics are beginning to emerge. BTC was recently rejected from the $110,000 resistance level, and there's evidence of long-term holders exiting the market. Additionally, short-term holders are displaying declining confidence in BTC. Currently trading at $105,568, BTC is down 1.7% over the past 24 hours.