Bitcoin Forms Bullish Pennant That Shows Surge To $113,000 Is Coming, Here’s How

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As a seasoned cryptocurrency researcher with over a decade of experience in financial markets, I have seen my fair share of bull and bear cycles. The recent analysis by Trader Tardigrade about the Bitcoin Bullish Pennant intrigues me, given its potential for a significant price rally to $113,000.

According to cryptocurrency expert Trader Tardigrade, an optimistic pattern has emerged in the Bitcoin graph. This pattern, as he explains, might potentially drive the Bitcoin price up to an impressive $113,000.

Bitcoin Bullish Pennant Could Send Price To $113,000

In a recent post on X, Trader Tardigrade pointed out a potential bullish trend in Bitcoin’s chart, referring to a forming bullish pennant. The analyst believes that Bitcoin’s price is gearing up for another rise as this bullish pattern suggests. A bullish pennant signifies the resumption of an upward trend after a short period of consolidation.

According to Trader Tardigrade, the current consolidation of Bitcoin within its Pennant shape appears robust and promising. He further mentioned that Bitcoin’s price is ascending towards the peak now and should burst through it imminently. In accordance with this analysis, the projected short-term Bitcoin price target remains at a staggering $113,000.

In his latest update, Cryptocurrency Trader Tardigrade observed that Bitcoin’s weekly close was near its current record high ($93,000), indicating a significant development. This suggests the confirmation of breakout candles emerging from extended periods of consolidation. Moreover, he mentioned that the intensity of the upward trend remains robust, implying that we might be witnessing the commencement of a bull market.

According to the analyst’s analysis based on past patterns, he anticipates that the price of Bitcoin could potentially surge to an astonishing $462,000 during this market cycle. He supports his prediction by noting that significant bull runs in the past have peaked between Fibonacci extensions of 1.618 and 2.272. This means that Bitcoin might reach around $173,000 at the 1.618 extension level, and if it continues to rise, it could potentially hit $462,000 at the 2.272 extension level.

BTC Could Witness A Significant Price Correction First

In a recent post on X, cryptocurrency analyst Ali Martinez identified multiple factors suggesting Bitcoin might experience a substantial drop soon. Initially, he noted that crypto followers are currently exhibiting excessive enthusiasm. This intense eagerness seems to have extended to retail investors, as there’s been a marked increase in the number of people searching for Bitcoin on Google.

Additionally, the analyst pointed out that investors in Bitcoin have earned approximately $5.42 in profits, potentially leading to increased selling pressure if they choose to cash out some of their gains. From a technical standpoint, Martinez also highlighted that the TD Sequential has given a sell signal on the Bitcoin daily chart.

Presently, the Relative Strength Index (RSI) suggests that Bitcoin is overbought, indicating it might experience a price correction. If this occurs, Martinez pointed out potential support levels at roughly $83,250 to $85,800 and $72,880 to $75,520. However, if the price manages to stay above $91,900 on a daily close, this bearish Bitcoin prediction could be reversed, leading to an upward trend towards $100,680.

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2024-11-18 20:28