## Bitcoin Bull Pennant Formation: A $165K Target? According to a recent Cointelegraph report, Bitcoin's daily chart has formed a 'bull pennant pattern', a technical analysis signal suggesting further upward price movement. Crypto analyst Jelle highlighted this pattern, noting Bitcoin's recovery of a key support level and subsequent entry into the bullish pennant. A bull pennant typically forms after a sharp price increase, followed by a period of consolidation. If the price breaks through the upper resistance line of the pennant, it signals a continuation of the upward trend. ## Projected Bitcoin Price Surge Jelle's analysis projects a target price of $165,200 based on the bull pennant pattern. This represents a roughly 54% increase from Bitcoin's current trading price. While technical analysis is not always accurate, the formation of this pattern indicates strong bullish sentiment in the market. Investors should monitor Bitcoin's price action closely for a potential breakout. Remember to conduct thorough research and consider your own risk tolerance before making any investment decisions. ```

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