Bitcoin is currently trading at $94,448, and traders are closely watching the market for signs of a significant price surge. Expert Ali has pointed out that the formation of a bull pennant pattern suggests that Bitcoin could soon experience substantial upward momentum, with a target price of $140,000 on the horizon.
What if instead of the head-and-shoulders top everyone is talking about, #Bitcoin $BTC is actually forming a bull pennant, targeting $140,000 next? pic.twitter.com/50iE0xJGXp
— Ali (@ali_charts) January 11, 2025
A bull pennant is a technical chart pattern that typically indicates a continuation of the prevailing uptrend. According to Ali, Bitcoin is likely forming a bullish pennant between the $86,897 and $106,777 range, with high cryptocurrency market volatility fueling the expectation of a breakout soon. If this pattern holds, Ali predicts Bitcoin could soar to $140,000, aligning with the chart’s top target of $144,332.
The cryptocurrency market has been volatile, and this pattern has already shown a strong upward movement. Ali believes that if Bitcoin continues on its current trajectory, it will likely breach the $106,777 resistance level, making the $140,000 target more attainable. However, if Bitcoin drops below $86,897, the price could fall as low as $78,757, according to Ali’s analysis.
The breakout pattern is also visible on smaller timeframes, with experts predicting that Bitcoin could hit $96,000 next. Recent price actions indicate that Bitcoin may have already broken out of the wedge formation, pushing the price closer to this key level. “The breakout from the wedge could tilt the scales in favor of the bulls,” say experts, emphasizing the potential for further gains.
Also Read: Bitcoin January Slump: A Historical Trend Post-Halving, Analysts Predict Future Surge
For traders, two key levels are crucial right now: resistance at $96,000 and support at $86,897. As Bitcoin approaches these levels, the chart’s tightening bull pennant suggests that a major price move is imminent. With the volatility in the crypto market continuing to rise, all eyes are on Bitcoin’s next move toward the $140,000 target.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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