Bitrabo Editorial
The technical evaluation of Bitcoin suggests an upcoming surge that could propel its price beyond $150,000. The recent price movements display various bullish formations on the charts, indicating a positive trend. These patterns are evident across different timeframes, offering analysts multiple perspectives on Bitcoin’s potential trajectory.
Currently, a bullish pennant pattern identified on the monthly timeline indicates that Bitcoin may be headed for a price of $158,000.
Ongoing Bull Pennant Formation
A prominent observation is the bullish pennant developing on the monthly chart. This pattern usually emerges after a strong price increase, suggesting Bitcoin is gathering energy for a significant upward movement. Crypto analyst Titan of Crypto highlighted this formation on the social media platform X, using a monthly candlestick chart of Bitcoin versus the U.S. Dollar to illustrate the ongoing bull pennant since September 2023.
The “pole” of this pattern was formed after a notable rally starting in Q4 2023, which led to a new all-time high for Bitcoin in March 2024. Subsequently, the price underwent a consolidation period over the last six months, showing a series of lower peaks contained within defined trendlines, effectively creating a pennant shape.
If Bitcoin breaks out favorable from this pattern, a new rally could be expected on the monthly timeframe. Titan of Crypto anticipates that such a bullish breakout could propel Bitcoin significantly, aiming for a target of $158,000 by May 2025. For this target to be achieved, Bitcoin would need to overcome resistance levels and enter new pricing zones, necessitating an approximate 170% increase in 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
Multiple Bullish Indicators Present
Additively, Titan of Crypto conducted another analysis on Bitcoin’s daily candlestick chart, revealing that Bitcoin has regained both the Tenkan and Kijun lines, vital elements of the Ichimoku Cloud indicator. The Relative Strength Index (RSI) also broke past a long-standing resistance trendline, signaling growing buying momentum.
Currently, Bitcoin is attempting to move above the Kumo Cloud within the Ichimoku framework, although it is facing a light retest. A confirmed breakout could signal an upcoming return to bullish momentum in the near term.
At present, Bitcoin is priced at $58,827, experiencing a 2.3% decline in the past 24 hours. After maintaining a price above $60,000 over the weekend, it has slipped back below this threshold again. Nevertheless, the $60,000 mark remains critical for Bitcoin’s market performance.