NewsBTC 2024-11-30 00:00:25

Bitcoin Price Forms Bullish Pennant On 3-Day Chart, $145,000 Target Swims Into View

Although currently undergoing a brief correction after almost touching the $100,000 price level, technical analysis has shown the emergence of a bullish pattern on the Bitcoin price chart. Notably, the correction has given rise to the formation of a bullish pennant on the 3-day candlestick Bitcoin price chart. This development might be the bullish momentum needed to eventually break past the $100,000 price threshold. However, the anticipated breakout is not just above $100,000, but a run that would send the cryptocurrency to $145,000. Bullish Pennant Emerges On Bitcoin Price Chart Recent price action in the past 24 hours has seen the Bitcoin price returning to the $96,000 price level after spending the majority of the week on a correction path . Particularly, this correction saw the Bitcoin price hitting a low of $91,000 as many traders took profit. Notably, this back-and-forth movement of the BTC price has given rise to the formation of a small bull pennant. Crypto analyst Trader Tardigrade, known for his technical analyses, pointed out this formation on social media platform X. In his post, he stated , “Small Pennant Big Target,” while pointing to the formation on the 3-day candlestick Bitcoin price chart. A bullish pennant is a continuation pattern that often emerges during strong uptrends. It begins with a sharp price movement (the flagpole), followed by a consolidation phase (the pennant), before potentially breaking out in the same direction as the initial trend. The emergence of this bullish pennant on Bitcoin’s 3-day chart suggests that the cryptocurrency may be gearing up for another leg higher. However, the formation suggests that the Bitcoin price could still continue to consolidate for a while as the liquidity in the pennant is yet to be filled. Nonetheless, Trader Tardigrade’s analysis highlights the longer-term implications of this formation. According to his projections, once Bitcoin completes its consolidation and breaks out of the pennant, it could surge toward an ambitious price target of $145,000. The $145,000 price target has become somewhat recurring among crypto analysts. For instance, this price target also made its way into an analysis by crypto analyst Tony Severino, whose analysis pointed to the Bitcoin price top for this cycle at around $145,000. $100,000 Price Target Still In Play At the time of writing, the BTC price is trading at $96,070 and is up by 0.5% in the past 24 hours but down by 3.3% in the past seven days. The possibility of the Bitcoin price reaching the $100,000 price mark is not a matter of if at this point but of when. Speaking of when, the BTC price is about to witness another catalyst that could finally send it above $100,000. Bitcoin is about to undergo its largest monthly options expiry of 2024 on Friday, involving a total exposure of $13.6 billion. This expiry event could provide the momentum needed for bullish traders to drive Bitcoin’s price past the $100,000 milestone in the coming week.

Наиболее читаемые новости

Why Is Ethereum Down Today? Will It Rise Abov...
2024-12-26
Pudgy Penguins Crypto Scam: Google Ads Used t...
2024-12-26
Top Market-Making Companies 2025
2024-12-26
Ripple Joins SBI VC Trade to Secure DMM Bitco...
2024-12-26
Montenegro’s Top Court Rejects Do Kwon’s Appe...
2024-12-25
Cardano Price Prediction for 2025: Here are t...
2024-12-25
The Graph Price Prediction 2025, 2026 – 2030:...
2024-12-25
Dogecoin Following the Bullish Pattern—Here’s...
2024-12-25

Связанные новости

Прочтите Отказ от ответственности : Весь контент, представленный на нашем сайте, гиперссылки, связанные приложения, форумы, блоги, учетные записи социальных сетей и другие платформы («Сайт») предназначен только для вашей общей информации, приобретенной у сторонних источников. Мы не предоставляем никаких гарантий в отношении нашего контента, включая, но не ограничиваясь, точность и обновление. Никакая часть содержания, которое мы предоставляем, представляет собой финансовый совет, юридическую консультацию или любую другую форму совета, предназначенную для вашей конкретной опоры для любых целей. Любое использование или доверие к нашему контенту осуществляется исключительно на свой страх и риск. Вы должны провести собственное исследование, просмотреть, проанализировать и проверить наш контент, прежде чем полагаться на них. Торговля - очень рискованная деятельность, которая может привести к серьезным потерям, поэтому проконсультируйтесь с вашим финансовым консультантом, прежде чем принимать какие-либо решения. Никакое содержание на нашем Сайте не предназначено для запроса или предложения