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Crypto analyst Trader Tardigrade has revealed a bullish pattern that has formed on the Bitcoin chart. Based on this, the analyst explained how the Bitcoin price could rise as high as $113,000.
Bitcoin Bullish Pennant could send the price to $113,000
In an X post, Trader Tardigrade mentioned a bullish pennant that had formed on the Bitcoin chart. The analyst noted that BTC price is still preparing for the next pump with this bullish pattern. A bullish pennant indicates the continuation of an upward trend after a short consolidation period.
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Trader Tardigrade said that the Bitcoin consolidation inside the Wimpel looks really healthy and good. He added that Bitcoin price is now rising to the top and will make a breakthrough soon enough. In line with this, the analyst stated that the short-term target for the Bitcoin price remains $113,000.
In a more recent one X messageTrader Tardigrade noted that BTC closed its weekly candle close to the current price all-time high (ATH) for $93,000. The analyst stated that this is a major sign, confirming the breakout candles from long consolidating ranges. He added that he has noticed that the strength of the uptrend is not waning, confirming that this is the beginning of the bull run.
Based on historical trends, the analyst recently predicted that the Bitcoin price could rise as high as $462,000 in this market cycle. He explained that the massive bull runs between Fibonacci extensions 1,618 and 2,272 have come to an end. Therefore, BTC could reach $173,000 at Fib extension 1,618 and rise to $462,000 when it reaches Fib extension 2,272.
BTC could first witness a significant price correction
In an X-post, crypto analyst Ali Martinez outlined several reasons why Bitcoin is about to undergo a steep correction. First, he stated that crypto enthusiasts are feeling extremely greedy right now. It is said that this greed has spilled over to retail investors as there has been a significant spike in Google search interest for Bitcoin.
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Secondly, the analyst mentioned that BTC investors have realized over $5.42 in profits, putting the Bitcoin price at risk of facing significant fallout. sales pressure if these investors decide to secure some of these profits now. From a technical perspective, Martinez also noted that the TD Sequential has presented a sell signal on BTC’s daily chart.
Meanwhile, the Relative Strength Index (RSI) signals that Bitcoin is currently overbought. If this BTC price correction occurs, Martinez stated that the main support walls to watch are between $83,250 and $85,800 and between $72,880 and $75,520. However, the analyst added that a sustained daily close above $91,900 would negate this bearish Bitcoin outlook and trigger a break to $100,680.
Featured image created with Dall.E, chart from Tradingview.com