Bitcoin Forms Bullish Pennant That Shows Surge To $113,000 Is Coming, Here’s How
cryptocurrency analyst tardigrade merchant Revealing a bullish pattern forming on the Bitcoin chart. Based on this, the analyst explains how Bitcoin price could rise to $113,000.
Bitcoin bullish pennant could push price to $113,000
In an X post, trader Tardigrade mentioned a bullish pennant forming on the Bitcoin chart. The analyst said that Bitcoin price is still preparing for the next rise in this bullish pattern. one bullish pennant Indicates the continuation of the uptrend after a brief period of consolidation.
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Trader tardigrade says Bitcoin integration The pennant looks very healthy and wonderful inside. He added that Bitcoin price is currently climbing to its highest point and will break out soon. In line with this, analysts said that the short-term target for Bitcoin price remains $113,000.
in the most recent X poststrader Tardigrade noted that BTC’s weekly candle closed close to current levels All Time High (ATH) $93,000. Analysts said this was an important signal, confirming the candle’s breakout from a long-term consolidation range. He added that he noticed that the strength of the uptrend has not diminished, confirming that this is the beginning of a bull market.
Based on historical trends, analysts recently predicted that the Bitcoin price could rise to $462,000 during this market cycle. He explained that the massive bull market between the Fibonacci extension lines of 1.618 and 2.272 has ended. Therefore, Bitcoin could reach $173,000 at the 1.618 Fibonacci extension and rebound to $462,000 if it reaches the 2.272 Fibonacci extension.
Bitcoin could be the first to see a big price correction
In X post, crypto analyst Ali Martinez Outlined are several reasons why Bitcoin may be about to suffer a major correction. First, he said that cryptocurrency enthusiasts are feeling very greedy right now. This greed is said to have spread to retail investors, as Google search interest in Bitcoin surged.
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Secondly, analysts mentioned that BTC investors have realized profits of more than $5.42, which puts the price of Bitcoin at risk of a sharp decline. selling pressure If these investors decide to take some of those profits now. From a technical perspective, Martinez also noted that TD Sequential is exhibiting a sell signal on the BTC daily chart.
at the same time, Relative Strength Index (RSI) Indicating that Bitcoin is currently overbought. Martinez said that if Bitcoin price corrects, the key support levels to watch are between $83,250 and $85,800 and between $72,880 and $75,520. However, the analyst added that a sustained daily close above $91,900 would invalidate Bitcoin’s bearish outlook and would trigger a breakout to $100,680.
Featured image created using Dall.E, chart from Tradingview.com
