Bitcoin (BTC) has shown the capability of rising toward $75,000 by the end of this year as it breaks out of a classic bullish pattern and picks additional upside cues from its richest investors’ recent accumulation spree.

In the last 24 hours, BTC rallied over 6% to reach a three-week bull pennant of $66,500. The setup of the cryptocurrency was reminiscent of a bull pennant.

Bull Penants are bullish continuations patterns that appear after an instrument consolidates within a Triangle-like price range, also known as Flagpole.

It often ends up breaking out from the range to the upside to hit a profit target of length equal to Flagpole’s.

When it comes to confirming that a bull pennant has broken out, Bitcoin ticks almost all the boxes. As a result, the possibility of its profit target remaining as high as the height of its flagpole rises, which is over $12,300.

Bitcoin’s bullish trend was confirmed by an on-chain indicator that follows the accumulation activities of the wallets with balances between 10,000 BTC and 100,000 BTC.

There is clear evidence that the “Bitcoin whales”, have been increasing their BTC buying spree.

Distinctively, BTC Whales accumulated 43,000 BTC, worth about $2. 82 billion, in the last five days and about 92,000 BTC, over $6 billion, in the last 25 days.

An analyst on-chain, Willy Woo noted that Bitcoin saw an increase of cold storage transactions as well as exchanges for the stablecoin USDC (USD), in recent weeks.

Willy Woo wrote to his clients:

“Price had been previously overheated. This called for a period of consolidation. Since then, we’ve seen significant buy from investors, while [the] price was sideways… It has been a healthy consolidation. Significant whale activity has been observed, which suggests that BTC may soon see a price increase. “