Fun

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

News Feed - 2024-11-30 09:11:25

Este artículo también está disponible en español.


Although currently undergoing a brief correctionafter 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. Related Reading Analyst Maps Out Dogecoin Price Arc To $3 Using A Logarithmic Scale 1 day ago


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 patternthat 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 topfor this cycle at around $145,000. Source: X $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 ifat this point but of when.  Related Reading Bitcoin Price Rejection At $99,000: Temporary Or End Of The Bull Rally? 20 hours ago


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. BTC price above $97,000 | Source: BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

News Feed

Crypto Swap Platform LetsExchange Grew 100x in Less Than a Year
Crypto Swap Platform LetsExchange Grew 100x in Less Than a Year press release PRESS RELEASE. LetsExchange.io, an instant cryptocurrency exchange platform, reports the tremendous gro
Circle shifts legal home to US ahead of IPO
Josh O"Sullivan13 hours agoCircle shifts legal home to US ahead of IPOCircle’s strategic shift away from Ireland could increase compliance costs, but the tradeoff suggests improved investor confidence.963 Total views2
NBA, football, NASCAR stars cough up $2.4M in Voyager promo suit
Martin Young3 hours agoNBA, football, NASCAR stars cough up $2.4M in Voyager promo suitRob Gronkowski, Victor Oladipo, and Landon Cassill have agreed to settle with plaintiffs in their ongoing case against Voyager Digita
Tether helps US DOJ and FBI recover $1.4M in stolen funds
Tristan Greene8 hours agoTether helps US DOJ and FBI recover $1.4M in stolen fundsThe U.S. Attorney’s Office says this is one of the first times the U.S. has recovered USDT from an unhosted digital currency wallet.2322
XRP Price Chart Signals Trouble – Is A Drop To $1.20 Possible?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Cardano Price Eyes Impulse Move After Bearish RSI Divergence Was Invalidated, Here’s The Target
Este artículo también está disponible en español. The Cardano priceis currently eyeing an impulsive move to the upside following the invalidation of a bearish Relative St
Zhiyuan Sun7 hours agoBinance’s spot trading market share falls to 40% in 2023: ReportThe exchange’s share in crypto spot trading has been slashed by one-third over the past year.2799 Total views5 Total sharesListen
Publicly-Listed Miner Hive Plans to Transfer ETH Hashrate to Other GPU Mineable Coins Ahead of Merge
Publicly-Listed Miner Hive Plans to Transfer ETH Hashrate to Other GPU Mineable Coins Ahead of Merge While the cryptocurrency community prepares for The Merge, the Nasdaq-listed, H
‘Crypto Advocates for Harris’ movement claims support from Mark Cuban
Turner Wright1 hour ago‘Crypto Advocates for Harris’ movement claims support from Mark CubanThe organization was apparently formed the same day Kamala Harris announced her running mate, Minnesota Governor Tim Walz.42
Crypto giants push to get Bitcoin an emoji
Savannah Fortis13 hours agoCrypto giants push to get Bitcoin an emojiNexo and over 35 prominent crypto organizations are petitioning to secure a Bitcoin emoji, garnering worldwide support and aiming for 50,000 endorsemen
Spot Bitcoin ETFs Attract Nearly $1 Billion Inflows, Marks 3-Week Positive Streak- Details
Este artículo también está disponible en español. The US-based spot Bitcoin ETFs has produced another impressive performance in the past week recording nearly $1 billion
Turner Wright8 hours agoJudges weigh early release for Sam Bankman-Fried as lawyers push First Amendment issues: ReportA panel of three judges at the 2nd U.S. Circuit Court of Appeals in New York reportedly will consider