Bitcoin’s $100K price target returns as BTC price breaks out of bull pennant
The bullish analogy appears as Bitcoin reserves across all the crypto exchanges fall to their lowest in the previous 12 months, suggesting holding sentiment among traders.
Bitcoin (BTC) looks poised to pursue a run-up towards $100,000 as its price breaks out of a classic bullish structure.
Dubbed as Bull Pennant, the setup represents a price consolidation period with converging trendlines that form after a strong move higher. It ultimately prompts the price to break out in the direction of its previous trend to a level typically at length higher by as much as the size of the initial large move.
On Bitcoin weekly charts, the cryptocurrency appeared to have been trending inside a similar consolidation structure, with its price fluctuating inside a Triangle-like structure following a strong move higher (Flagpole).
Bitcoin (BTC) looks poised to pursue a run-up towards $100,000 as its price breaks out of a classic bullish structure.
Dubbed as Bull Pennant, the setup represents a price consolidation period with converging trendlines that form after a strong move higher. It ultimately prompts the price to break out in the direction of its previous trend to a level typically at length higher by as much as the size of the initial large move.
On Bitcoin weekly charts, the cryptocurrency appeared to have been trending inside a similar consolidation structure, with its price fluctuating inside a Triangle-like structure following a strong move higher (Flagpole).
Therefore, declining Bitcoin balances on exchanges typically follow up with rise in the BTC price.
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Bitcoin (BTC) faced stiff resistance near previous highs on Oct. 8 as a fresh push over $56,000 quickly ended.
Source:cointelegraph
