Bitcoin Forms Bullish Pennant Near $118K as Traders Watch Key Support, Is $250K Possible?
The post Bitcoin Forms Bullish Pennant Near $118K as Traders Watch Key Support, Is $250K Possible? appeared on BitcoinEthereumNews.com. Bullish Pennant Forms as Bitcoin Holds $118K — Can BTC Hit $250K? Bitcoin is hovering around $118,000, showing signs of forming a bullish pennant pattern that has drawn increasing attention from traders and analysts. Technical indicators suggest the cryptocurrency may be on the brink of a significant breakout, echoing a similar setup observed in June that preceded a strong price rally. Analyst Crypto Fella noted this pattern on X, stating, “Bitcoin is forming a clean bullish pennant again. This pattern seems familiar to me.” – Advertisement – The accompanying charts reveal a clear consolidation phase within descending resistance and flat support levels, reinforcing the potential for an upward move. Technical Setup Points to Short-Term Breakout On KuCoin’s 4-hour chart, Bitcoin is forming lower highs against steady support at $116,000. This convergence is typical of a bullish pennant, often indicating market indecision before a potential continuation of the existing trend. The pattern includes three visible touchpoints on the descending trendline, with bulls defending the $116,000 region multiple times. If this support holds, Bitcoin could resume its upward move, targeting the $124,000 to $126,000 area in the near term. Meanwhile, the daily chart on Binance reveals a similar setup. A previous breakout from a nearly identical structure occurred in mid-June, pushing Bitcoin from around $105,000 to over $117,000, a 10% surge within a short period. Notably, Bitcoin is trading at $118,548, following a 0.58% rise in the past day. Analyst Predicts Rally to $175K–$263K Beyond short-term gains, market analyst Egrag Crypto has identified a larger trend. In a recent analysis, he noted that Bitcoin has formed its third inverted broadening triangle since 2023, a structure that has previously led to significant rallies. The first two instances resulted in gains of 135% and 60% following breakouts in October 2023 and October 2024. Egrag…
The post Bitcoin Forms Bullish Pennant Near $118K as Traders Watch Key Support, Is $250K Possible? appeared on BitcoinEthereumNews.com.
Bullish Pennant Forms as Bitcoin Holds $118K — Can BTC Hit $250K? Bitcoin is hovering around $118,000, showing signs of forming a bullish pennant pattern that has drawn increasing attention from traders and analysts. Technical indicators suggest the cryptocurrency may be on the brink of a significant breakout, echoing a similar setup observed in June that preceded a strong price rally. Analyst Crypto Fella noted this pattern on X, stating, “Bitcoin is forming a clean bullish pennant again. This pattern seems familiar to me.” – Advertisement – The accompanying charts reveal a clear consolidation phase within descending resistance and flat support levels, reinforcing the potential for an upward move. Technical Setup Points to Short-Term Breakout On KuCoin’s 4-hour chart, Bitcoin is forming lower highs against steady support at $116,000. This convergence is typical of a bullish pennant, often indicating market indecision before a potential continuation of the existing trend. The pattern includes three visible touchpoints on the descending trendline, with bulls defending the $116,000 region multiple times. If this support holds, Bitcoin could resume its upward move, targeting the $124,000 to $126,000 area in the near term. Meanwhile, the daily chart on Binance reveals a similar setup. A previous breakout from a nearly identical structure occurred in mid-June, pushing Bitcoin from around $105,000 to over $117,000, a 10% surge within a short period. Notably, Bitcoin is trading at $118,548, following a 0.58% rise in the past day. Analyst Predicts Rally to $175K–$263K Beyond short-term gains, market analyst Egrag Crypto has identified a larger trend. In a recent analysis, he noted that Bitcoin has formed its third inverted broadening triangle since 2023, a structure that has previously led to significant rallies. The first two instances resulted in gains of 135% and 60% following breakouts in October 2023 and October 2024. Egrag…
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