According to analysts at Titan of Crypto, a bullish pennant pattern has formed on the monthly bitcoin chart, indicating a possible continuation of the uptrend.
This pattern often indicates accumulation before a major price movement. Meanwhile, the S&P 500 Index hit a record high of 5,700 after the first Fed rate cut in four years, suggesting that #bitcoin could follow suit with a significant rise.
This rise means that bitcoin could follow suit, and there could be a significant price increase in the near future.
As seen in Titan of Crypto's analysis, a bullish pennant pattern is developing on bitcoin's monthly chart. This pattern, recognized as a bullish continuation signal, began to form in September 2023, after a strong price rise that began in the last quarter of 2023 and peaked when bitcoin reached an all-time high in March 2024. On a monthly basis, a large bullish pennant has formed.
The current consolidation phase has lasted for about six months and is characterized by a series of lower highs. These moves are bounded by converging trendlines, creating a distinct pennant shape. This suggests that bitcoin is storing energy for the next strong price move.
The pseudonymous trader Crypto Rover has also identified a falling wedge, indicating a bullish trend in bitcoin, as well as a bullish pennant, reflecting the positive sentiment in the market.
a breakout of a bullish pennant usually indicates a continuation of a previous bullish trend, and as Titans of Crypto noted on Sept. 14, a successful breakout above the bitcoin pennant could signal the start of a rally with the potential to reach a price of $158,000 by May 2025. Potentially. To reach this ambitious goal, bitcoin would need to grow by about 170% from its current price level over the next six to eight months.
This market activity further emphasizes the importance of key resistance levels. As reported by #cryptocurrency investor Jere, bitcoin will rise further if the key resistance level of $ 65,000 is broken.
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