The Bitcoin price is currently undergoing a brief correction after almost touching the $100,000 price level. However, technical analysis has shown the emergence of a bullish pattern on the Bitcoin price chart, bringing hope for a potential breakout. The correction has led to the formation of a bullish pennant on the 3-day candlestick Bitcoin price chart. This development could be the bullish momentum needed to break past the $100,000 price threshold and potentially reach $145,000.
Recent price action has seen the Bitcoin price returning to $96,000 after a correction that saw it hit a low of $91,000 as traders took profit. This back-and-forth movement of the BTC price has resulted in the formation of a small bull pennant, a continuation pattern that often emerges during strong uptrends. Crypto analyst Trader Tardigrade highlighted this formation on social media, pointing to the bullish implications of the pennant on the Bitcoin price chart. The longer-term projections suggest a potential surge toward the ambitious price target of $145,000 once the consolidation phase is complete.
The $145,000 price target has been mentioned by various crypto analysts, including Tony Severino, who also pointed to this level as a possible top for the Bitcoin price in this cycle. Despite the current price correction, the $100,000 price target is still in play, with the Bitcoin price currently trading at $96,070. The upcoming largest monthly options expiry of 2024 on Friday, involving a total exposure of $13.6 billion, could serve as a catalyst for bullish traders to drive Bitcoin’s price past the $100,000 milestone in the near future.
The emergence of the bullish pennant on Bitcoin’s 3-day chart hints at the potential for another leg higher in the cryptocurrency’s price. While the consolidation phase may continue for a while, the formation suggests a possible breakout in the same direction as the initial trend, paving the way for a significant price surge. With the $145,000 price target looming and the $100,000 milestone within reach, Bitcoin traders are closely monitoring the price movements and upcoming events for signals of further bullish momentum.
In conclusion, the Bitcoin price is currently consolidating within a bullish pennant formation on the 3-day chart, indicating the potential for a breakout towards higher price levels. The $145,000 price target has been mentioned by analysts as a possible top for this cycle, while the $100,000 milestone remains a key target in the near term. With the upcoming options expiry event and ongoing market dynamics, Bitcoin traders are anticipating further price movements that could lead to a significant rally in the cryptocurrency’s price.
