Bitcoin Enters ‘Bull Pennant’ As S&P 500 Hits All-Time High
Key receivers
Bitcoin's bull pennant pattern suggests a possible rally with a target of $158,000 in 2025. The S&P 500 reaching a record high coincides with bullish signs for Bitcoin.
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Bitcoin has formed a bullish pennant pattern on the monthly chart, indicating the possibility of an upside, says Titan of Crypto analyst. This pattern usually shows a rally before the main price movement. Meanwhile, the S&P 500 hit a record high of 5,700 after the Fed's first rate cut in four years, hinting that Bitcoin could rise significantly.
This rally may suggest that Bitcoin may follow suit, which could see a significant price increase in the near term.
A bullish pennant pattern is emerging on Bitcoin's monthly chart, as seen in Titan of Crypto's analysis. This pattern, recognized as a sign of its bullish continuation, began to form in September 2023. Following the strong price rally that began in the last quarter of 2023, Bitcoin reached a new all-time high in March 2024.
#Bitcoin Bull Pennant Breakout! 💥🚀
A giant bull pennant is rising on the monthly deadline.
This could be the start of a big move! 🐂 pic.twitter.com/boF0uHQNyz
— Titan of Crypto (@Washigorira) September 19, 2024
The current consolidation phase, which has lasted for about six months, has seen a series of low highs. These movements are closed in the combined trends, creating a unique pattern. This setup suggests that Bitcoin is gathering momentum for the next major price move.
Additionally, Anonymous Trader Crypto Rover identified a falling wedge, which, along with the bull pennant, shows a bullish trend for Bitcoin, indicating positive market sentiment.
A bull pennant breakout typically indicates a continuation of the previous bullish trend. As reported by Titan of Crypto on September 14th, a successful breach above the penalty for Bitcoin could mark the beginning of a rally, targeting a price of $158,000 in May 2025. To achieve this ambitious goal, Bitcoin will need to see approximately 170 % will increase over the next six to eight months from the current price level.
This heightened market activity further emphasizes the importance of key defensive levels. As reported by crypto and stock investor Jelle, breaking the key resistance level of $65,000 will send Bitcoin higher. However, crypto trader CrediBUll noted that the real test will be at $70,000, as a rejection at that level is possible.
A key issue to watch, highlighted by Will Clement, is the opening of $1 billion in BTC perpetual futures contracts in the past 24 hours. This indicates the possibility of a sharp and aggressive market reaction in the coming days.
With $1 billion worth of contracts opened by BTC perps alone in the last 24 hours, it wouldn't be surprising if the market quickly hit and run.
I'm not trying to be that tactful and won't touch my place, but it's worth knowing. pic.twitter.com/iknUFwXFeQ
— Will (@WClementeIII) September 19, 2024
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