Key Takeaways
- Bitcoin’s bull pennant pattern suggests a potential rally with a target of $158,000 by 2025.
- The S&P 500 reaching a record high coincides with bullish signals for Bitcoin.
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Bitcoin has formed a bull pennant pattern on its monthly chart, suggesting a potential uptrend continuation, according to analyst Titan of Crypto. This pattern often indicates accumulation before a major price move. Meanwhile, the S&P 500 hit a record 5,700 after the Fed’s first-rate cut in four years, hinting that Bitcoin might follow with a significant rise.
This rally could suggest that Bitcoin may follow suit, potentially seeing a significant price increase in the near future.
The bull pennant pattern is unfolding on Bitcoin’s monthly chart as seen in Titan of Crypto analysis. This pattern, recognized for its bullish continuation signal, began to form in September 2023. It followed a strong price rally that started in the last quarter of 2023 and peaked with Bitcoin reaching a new all-time high in March 2024.
#Bitcoin Bull Pennant Breakout! 💥🚀
A massive Bull Pennant is breaking out to the upside on the monthly timeframe.
This could be the start of a major move! 🐂 pic.twitter.com/boF0uHQNyz
— Titan of Crypto (@Washigorira) September 19, 2024
The current consolidation phase, lasting for about six months, has shown a series of lower highs. These movements have been confined within converging trendlines, creating the distinct pennant shape. This setup suggests that Bitcoin is…
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