Bitcoin Bull Pennant Still In Motion With $158,000 Price Target, Here’s When

Bitcoin’s
technical
analysis
is

setting
up
the
stage

for
an
explosive
move
above
$150,000.
The
cryptocurrency’s
current
price
action
is

flashing
various
patterns

on
the
price
charts,
most
of
them
bullish.
Furthermore,
these
patterns
are
playing
out

across
multiple
timeframes,

giving
analysts
different
angles
to
examine
in
terms
of
the
cryptocurrency’s
future
outlook.

According
to
a
bullish
pennant
pattern
that
is
playing
out
on
the
monthly
timeframe,
Bitcoin
is
gearing
up
for
a
move
towards
$158,000.

Bitcoin
Bull
Pennant
Still
In
Motion

One
of
the
key
patterns
being
observed
is
a
bullish
pennant
that
is
unfolding
on
the
monthly
timeframe.
This
formation,
often
seen
after
a
period
of
strong
upward
movement,
suggests
that
Bitcoin
is
building
momentum
for
its
next
big
leap.

Interestingly,
this
pattern
was
social
media
platform
X
by
crypto
analyst
Titan
of
Crypto.
Using
a
Bitcoin/U.S.
Dollar
monthly
candlestick
chart,
the
analyst
highlighted
a
bull
pennant
formation
that
has
been
playing
out
since
September
2023.

The
“pole”
of
the
pattern
was
established
through
an
extended
rally
that
began
in
Q4
2023
and
culminated
in
Bitcoin
reaching
a
new
all-time
high
in
March
2024.
Following
this,
the
price
of
BTC entered
a
consolidation
phase
which
has
lasted
for
the
past
six
months.
This
consolidation
phase
has
been
characterized
by
a
series
of
lower
highs
bounded
between
upper
and
lower
trendlines,
which
has
created
a
clear
pennant
shape.

A
successful
breakout
of
the
pattern
to
the
upside
would
relate
to
another
prolonged
rally
on
the
monthly
timeframe.
According
to
Titan
Of
Crypto,
a
bullish
breakout
would
catapult
Bitcoin
to
the
moon.
In
terms
of
a
price
target,
he
highlighted
a
$158,000
price
by
May
2025.
To
reach
this
level,
BTC
would
need
to
break
above
resistances
and
foray
into
new
price
territories.
Particularly,
Bitcoin
would
need
to
rally
by
about
170%
from
the
current
price
between
the
next
six
to
eight
months.

#Bitcoin
Bull
Pennant
Still
in
Play:
$158,000
????

A
massive
bull
pennant
is
forming
on
the
monthly
timeframe.

If
it
plays
out

#BTC
could
be
catapulted
to
the
moon
????

pic.twitter.com/KLb6bfk1wj

—
Titan
of
Crypto
(@Washigorira)

September
14,
2024

Bullish
Patterns
In
Abundance

According
to

another
analysis

by
Titan
Of
Crypto
on
the
daily
candlestick,
Bitcoin
has
reclaimed
both
the
Tenkan
and
Kijun
indicators,
which
are
key
components
of
the
Ichimoku
Cloud.
In
addition
to
this,
the
Relative
Strength
Index
(RSI)
has
successfully
broken
through
a
multi-month
resistance
trendline
that
suggests
the
buying
pressure
is
starting
to
mount. 

Bitcoin
is
also
beginning
to
push
back
above
the
Kumo
Cloud
in
the
Ichimoku
system,
although
it
is
starting
to
experience
a
brief
retest.
If
the
breakout
is
confirmed,
it
could
usher
in
renewed
bullish
momentum
in
the
coming
days
for
an
upward
move.

At
the
time
of
writing,
Bitcoin
is
trading
at
$58,827
and
has
fallen
2.3%
in
24
hours.
After
spending
the
entirety
of
the
weekend
trading
above
it,
Bitcoin

has
broken
below

the
$60,000
price
level
again.
However,
the
$60,000
level

remains
crucial

for
BTC.

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com