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Cryptographic analyst Tardigrade Trader has revealed a bullish pattern that has formed on the bitcoin chart. Based on this, the analyst explained how the price of bitcoin could rise to $113,000.
bitcoin bullish pennant could send price to $113,000
In a post by x, Trader Tardigrade mentioned a bullish pennant that had formed on the bitcoin chart. The analyst noted that btc price is still preparing for the next rise with this bullish pattern. TO bullish pennant indicates the continuation of an uptrend after a brief period of consolidation.
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The merchant Tardigrade said that the bitcoin Consolidation inside the pennant it looks really healthy and good. He added that bitcoin price is rising to the top now and will soon achieve a breakout. In line with this, the analyst stated that the short-term target for bitcoin price remains $113,000.
In a more recent <a target="_blank" href="https://x.com/tatrader_alan/status/1858301934261997738″ rel=”nofollow”>x publicationTrader Tardigrade noted that btc closed its weekly candle near its current <a target="_blank" href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>all-time high (ATH) at $93,000. The analyst stated that this is an important signal, confirming the candles breaking out of long consolidation ranges. He added that he has noticed that the strength of the uptrend is not decreasing, confirming that this is the beginning of the bull run.
Based on historical trends, the analyst recently predicted that bitcoin price could rise as high as $462,000 in this market cycle. He explained that the massive bull runs ended between the 1.618 and 2.272 Fibonacci extensions. Therefore, btc could reach $173,000 at the 1.618 Fib extension and rise to $462,000 if it reaches the 2.272 Fib extension.
btc could first witness a major price correction
In a post x, crypto analyst <a target="_blank" href="https://bitcoinist.com/bitcoin-breaks-above-90000-td-sequential-says-100000-price-before-weekend/” rel=”nofollow”>Ali Martinez He outlined several reasons why bitcoin could be about to undergo a sharp correction. First of all, he stated that cryptocurrency enthusiasts are feeling extremely greedy right now. This greed is said to have spread to retail investors as there has been a significant increase in bitcoin search interest on Google.
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Secondly, the analyst mentioned that btc investors have made more than $5.42 in profits, which puts bitcoin price at risk of facing major <a target="_blank" href="https://bitcoinist.com/bitcoin-miner-selling-pressure-stage-fresh-rally/” rel=”nofollow”>selling pressure if these investors decide to secure some of these profits now. From a technical perspective, Martinez also noted that TD Sequential has presented a sell signal on the daily btc chart.
Meanwhile, the <a target="_blank" href="https://bitcoinist.com/bitcoin-price-rally-shows-signs-of-correction/” rel=”nofollow”>Relative Strength Index (RSI) He notes that bitcoin is currently overbought. If this btc price correction occurs, Martínez stated that the key support walls to watch are between $83,250 and $85,800 and between $72,880 and $75,520. However, the analyst added that a sustained daily close above $91,900 would invalidate this bearish outlook for bitcoin and trigger a breakout to $100,680.
Featured image created with Dall.E, chart from Tradingview.com
