Analyst Ali suggests that bitcoin (BTC USD) may be forming a bullish pennant pattern in the bitcoin price movement.
If the bullish pattern materializes, #bitcoin may reach $BTC key support at $86,897 and resistance at $BTC Analyst #Ali suggested that bitcoin (BTC USD) may be forming a bullish "pennant" pattern rather than the widely discussed "head and shoulders" pattern.
This analysis is a different take on bitcoin's price trajectory. Ali predicts that if the bullish pattern materializes, the #cryptocurrency could reach the $140,000 mark.
The bullish pennant pattern usually appears after a sharp rise in prices, indicating that the current trend may continue.
According to Ali, many
the debate about the future of bitcoin is intensifying as the cryptocurrency is trading near key technical levels.
The current bitcoin price movement as well as its consolidation could play an important role in determining the direction of the next breakout.
According to Ali, bitcoin is likely trading within a triangle formation, which is usually a bullish pennant.
A breakout above this formation and resistance could lead to a major rally.
If this pattern holds, prices are likely to rise to $140,000, as indicated by the bullish pennant.
At the time of writing, bitcoin (BTC USD) is approaching $94,448. The Fibonacci pullback from the 0.786 level is above the key support zone at $BTC Ali pointed out several resistance levels at $106,777 and $120,801, and long-term targets are in place However, a break below $86,897 could negate the buying pressure and give the bears a chance to push #BTC down to $78,757.
bullish pennant This formation is confirmed by bitcoin's current price pattern. The compression inside the triangle indicates a decrease in volatility, which usually happens before the start of a major trend.
The chart shows a "falling wedge" pattern, which is a bullish reversal pattern and could trigger a rebound in price.
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