Bitcoin Price Forms Bullish Pennant On 3-Day Chart, $145,000 Target Swims Into View
Although Currently undergoing a short correction After almost touching the $100,000 price level, technical analysis shows the emergence of a bullish pattern on the Bitcoin price chart.
Notably, this correction resulted in the formation of a bullish pennant on Bitcoin’s 3-day candlestick price chart. This development could be the bullish momentum needed to finally break through the $100,000 price threshold. However, the expected breakout will not only exceed $100,000, but also push the cryptocurrency towards $145,000.
Bullish pennant appears on Bitcoin price chart
Recent price action over the past 24 hours shows Bitcoin price returning to the $96,000 price level after spending most of the money. Adjust the week on the path. In particular, this correction caused Bitcoin price to hit a low of $91,000 as many traders took profits.
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Notably, this back and forth in Bitcoin price resulted in the formation of a bullish pennant. Cryptocurrency analyst Trader Tardigrade, known for his technical analysis, pointed out this formation on social media platform X. He stated in the post“small pennant, big target,” while pointing out the 3-day candlestick pattern on the Bitcoin price chart.
bullish pennant is a continuation pattern This usually occurs during a strong uptrend. It begins with a sharp price move (flagpole), followed by a consolidation phase (pennant), and then a possible breakout in the same direction as the initial trend.
The emergence of a bullish pennant on Bitcoin’s three-day chart suggests that the cryptocurrency may be preparing to move higher again. However, the pattern suggests that Bitcoin price may still continue to consolidate for a while as the liquidity in the pennant has not yet been filled. Nonetheless, Trader Tardigrade’s analysis highlights the long-term implications of this pattern. According to his prediction, once Bitcoin completes its consolidation and breaks above the pennant, it could surge to an ambitious price target of $145,000.
The $145,000 price target has been a recurring theme among cryptocurrency analysts. For example, this price target was also factored into the analysis of cryptocurrency analyst Tony Severino, who Pointing to Bitcoin price top The cost for this cycle is approximately $145,000.
$100,000 price target still in play
At the time of writing, BTC price is trading at $96,070, up 0.5% in the past 24 hours, but down 3.3% in the past seven days. Possibility of Bitcoin price reaching $100,000 mark It’s not a matter of if At this moment.
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Speaking of when, BTC price is about to witness another catalyst that could eventually take it above $100,000. Bitcoin is about to usher in its largest monthly options expiry in 2024 on Friday, involving a total exposure of $13.6 billion. This expiration event may provide bullish traders with the needed momentum to push Bitcoin price past the $100,000 milestone in the coming week.
Featured image created using Dall.E, chart from Tradingview.com
