The Bitcoin price is currently experiencing a brief correction after approaching the $100,000 threshold. However, technical analysis is indicating the formation of a bullish pennant on the 3-day candlestick Bitcoin price chart. This pattern suggests that the cryptocurrency may be poised for a significant breakout that could potentially propel it to $145,000. The recent price action has seen Bitcoin returning to the $96,000 level after a period of correction, with many traders taking profit as the price dipped to $91,000. The emergence of the bullish pennant has caught the attention of Crypto analyst Trader Tardigrade, who believes that this pattern could lead to significant price movements in the near future.
A bullish pennant typically emerges during strong uptrends and is characterized by a sharp price movement followed by consolidation before potentially breaking out in the same direction as the initial trend. This formation on Bitcoin’s 3-day chart suggests that the cryptocurrency could be preparing for another leg higher, although it may continue to consolidate for a period before making a decisive move. Trader Tardigrade’s analysis indicates that once Bitcoin breaks out of the pennant, it could surge towards the ambitious price target of $145,000. This target has also been mentioned by other crypto analysts, such as Tony Severino, who believe that Bitcoin’s price top for this cycle could be around $145,000.
Despite the current correction and consolidation phase, the $100,000 price target is still very much in play for Bitcoin. At the time of writing, the BTC price is trading at $96,070, up by 0.5% in the past 24 hours but down by 3.3% in the past week. The impending monthly options expiry on Friday involving a total exposure of $13.6 billion could serve as a catalyst for driving Bitcoin’s price past the $100,000 milestone in the coming week. This event could provide the necessary momentum for bullish traders to push Bitcoin to new highs.
In conclusion, the emergence of a bullish pennant on the Bitcoin price chart indicates that the cryptocurrency may be gearing up for a significant breakout towards $145,000. Despite the current correction and consolidation phase, the $100,000 price target is still within reach. The upcoming monthly options expiry event could provide the needed momentum for Bitcoin to break past the $100,000 milestone. Overall, the technical analysis suggests that Bitcoin’s price could see significant movements in the near future, potentially leading to new all-time highs.
