BTC forms a bullish pennant, indicating an imminent surge to $113,000

Cryptocurrency analyst Trader Tardigrade revealed a bullish pattern formed on the BTC chart. Based on this, the analyst explained how BTC price could pump to $113,000. In the X post, trader Tardigrade mentioned the bullish triangle flag formed on the BTC chart. The analyst pointed out that BTC price is still preparing for the next pump through this bullish pattern. The bullish triangle flag indicates that after a brief consolidation period, the pump trend will continue.

Trader Tardigrade said that the consolidation of BTC within the Pennant looks very healthy. He added that the BTC price is currently climbing to its peak and will soon break through. In line with this, analysts say that the short-term target for the BTC price is still $113,000.

In the recent X post, trader Tardigrade pointed out that the weekly closing price of BTC is close to the all-time high (ATH) of $93,000. The analyst stated that this is an important signal, confirming the breakout from the long-term consolidation range on the candlestick chart. He added that he noticed the strength of the rise trend has not weakened, confirming that this is the beginning of a Bull Market.

According to historical trends, the analyst recently predicted that in this market cycle, the price of BTC may rise to $462,000. He explained that the large-scale Bull Market has ended between Fibonacci extensions 1.618 and 2.272. Therefore, BTC may reach $173,000 at Fibonacci extension 1.618 and rebound to $462,000 if it reaches Fibonacci extension 2.272.

In a post, Cryptocurrency analyst Ali Martinez outlined several reasons why BTC may soon face a significant pullback. First, he said that Cryptocurrency enthusiasts currently feel very greedy. It is said that this greed has spread to retail investors, as Google's interest in BTC search has increased significantly.

Secondly, analysts mentioned that BTC investors have already realized profits of over 5.42 USD. If these investors decide to take some profits now, it will expose BTC to the risk of facing significant dumping pressure. From a technical perspective, Martinez also pointed out that TD Sequential has issued a sell signal on the BTC daily chart.

At the same time, the Relative Strength Index (RSI) indicates that BTC is currently in an Overbought state. If a price adjustment occurs, Martinez said the key support levels to follow are between $83,250 and $85,800, as well as between $72,880 and $75,520. However, the analyst added that if BTC continues to hold above $91,900, the bearish outlook for BTC will be invalidated and will trigger a breakthrough to $100,680.


(Data Source: Scott Matherson)