Bitcoin Price Develops Bullish Pennant, Targeting $145,000
Bitcoin is currently experiencing a correction after approaching the $100,000 price level. Technical analysis indicates the formation of a bullish pattern on the Bitcoin price chart.
Bullish Pennant Emerges On Bitcoin Price Chart
The recent price movement has seen Bitcoin return to around $96,000 after a dip to $91,000 during a profit-taking phase. This fluctuation has led to the emergence of a small bullish pennant, as noted by crypto analyst Trader Tardigrade on social media. He emphasized this pattern with the statement, “Small Pennant Big Target.”
A bullish pennant is a continuation pattern that appears after significant price movements, followed by a consolidation phase. The presence of this pattern suggests potential for Bitcoin to rise further, although it may take time for the price to consolidate fully before breaking out. Trader Tardigrade projects that upon breakout, Bitcoin could target $145,000.
This $145,000 target aligns with other analyses, including that of Tony Severino, who also predicts this level as the peak for this market cycle.
$100,000 Price Target Still In Play
Currently, Bitcoin trades at $96,070, reflecting a 0.5% increase in the last 24 hours but a 3.3% decline over the past week. Analysts believe reaching the $100,000 mark is a matter of timing rather than possibility.
A significant catalyst for this price movement may occur with the upcoming monthly options expiry, expected to involve $13.6 billion. This event could provide the necessary momentum for Bitcoin to surpass the $100,000 threshold in the near future.
