{"id":21433,"date":"2024-11-18T17:00:03","date_gmt":"2024-11-18T17:00:03","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=21433"},"modified":"2024-11-18T17:00:03","modified_gmt":"2024-11-18T17:00:03","slug":"bitcoin-forms-bullish-pennant-that-shows-surge-to-113000-is-coming-heres-how","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=21433","title":{"rendered":"Bitcoin Forms Bullish Pennant That Shows Surge To $113,000 Is Coming, Here\u2019s How"},"content":{"rendered":"

Crypto analyst Trader Tardigrade<\/a> has revealed a bullish pattern that has formed on the Bitcoin chart. Based on this, the analyst explained how the Bitcoin price could rally to as high as $113,000.\u00a0<\/p>\n

Bitcoin Bullish Pennant Could Send Price To $113,000<\/h2>\n

In an X post, Trader Tardigrade mentioned a bullish pennant that had formed on the Bitcoin chart. The analyst remarked that the BTC price is still preparing for the next pump with this bullish pattern. A bullish pennant<\/a> indicates the continuation of an uptrend following a brief consolidation period.\u00a0\u00a0<\/p>\n

Trader Tardigrade said that the Bitcoin consolidation<\/a> within the Pennant looks really healthy and good. He added that the Bitcoin price is climbing to the apex now and will make a breakout soon enough. In line with this, the analyst stated that the short-term target for the Bitcoin price remains $113,000.\u00a0<\/p>\n

In a more recent X post<\/a>, Trader Tardigrade noted that BTC closed its weekly candle close to its current all-time high (ATH)<\/a> at $93,000. The analyst stated this is a significant sign, confirming the breakout candles from long-consolidating ranges. He added that he has noticed that the strength of the uptrend isn\u2019t decreasing, which confirms that this is the beginning of the bull run.\u00a0<\/p>\n

Based on historical trends, the analyst recently predicted that the Bitcoin price could rise to as high as $462,000 in this market cycle. He explained that massive bull runs have ended between Fibonacci extensions 1.618 and 2.272. Therefore, BTC could reach $173,000 at Fib extension 1.618 and rally to $462,000 if it reaches Fib extension 2.272.\u00a0<\/p>\n

BTC Could Witness A Significant Price Correction First<\/h2>\n

In an X post, crypto analyst Ali Martinez<\/a> outlined several reasons why Bitcoin could be about to suffer a steep correction. Firstly, he stated that crypto enthusiasts are feeling extremely greedy at the moment. This greed is said to have spilled over retail investors as there has been a significant spike in Google search interest for Bitcoin.\u00a0<\/p>\n

Secondly, the analyst mentioned that BTC\u00a0investors have realized over $5.42 in profits, which puts the Bitcoin price at risk of facing significant selling pressure<\/a> 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 the BTC daily chart.\u00a0<\/p>\n

Meanwhile, the Relative Strength Index (RSI)<\/a> signals that Bitcoin is currently overbought. If this BTC price correction happens, Martinez stated that the key 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 invalidate this bearish Bitcoin outlook and would trigger a breakout to $100,680.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

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 rally to as high as $113,000.\u00a0 Bitcoin Bullish Pennant Could Send Price To $113,000 In an X post, Trader Tardigrade mentioned a bullish pennant that had formed on […]<\/p>\n","protected":false},"author":0,"featured_media":21434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-21433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21433"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21433"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21433\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/21434"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}