Bitcoin (BTC) is currently trading near $121,300, with technical and on-chain indicators suggesting a potential pullback before a significant breakout. Chart patterns, including an inverse head & shoulders and a rising wedge, along with bearish RSI divergence, indicate a possible correction. On-chain data reveals increased whale deposits to exchanges and long-term holders becoming net sellers, pointing to near-term volatility. Despite these signals, a move towards $147,700 remains possible if Bitcoin stabilizes and breaks above $126,100. However, a decline below $107,200 would invalidate the bullish outlook.