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

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,913,951,807,178	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,913,951,807,178

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-748.61	-0.77%	96,736.47	96,736.47	96,736.48

Price Change

Price Change %

Current Price

Bid Price

Offer

-748.61

-0.77%

96,736.47

96,736.48

High Price	Low Price	Open Price	Prev. Close	52 Week Range
97,400.00	96,355.13	97,362.58	97,485.08	37,500.00 - 99,860.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

97,400.00

96,355.13

97,362.58

97,485.08

37,500.00 - 99,860.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	05:34:49	0.000051	96,736.47	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

05:34:49

0.000051

96,736.47

USD

Price x Volume	Volume	Base Symbol	Related Pairs
141,021,702.49	1,457.29	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

141,021,702.49

1,457.29

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

30/11/2024 12:00am

NEWSBTC

Although currently undergoing a brief correction after 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 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 pattern that 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 top for this cycle at around $145,000. $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 if at this point but of when. Related Reading: Bitcoin Price Rejection At $99,000: Temporary Or End Of The Bull Rally? 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. Featured image created with Dall.E, chart from Tradingview.com

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