Crypto analyst Trader Tardigrade has identified a bullish pattern on the Bitcoin chart that could see the price rally to $113,000. This pattern, known as a bullish pennant, suggests the continuation of an uptrend after a brief consolidation. The analyst's recent insights also suggest a possible rise to $462,000 within this market cycle.
Trader Tardigrade noted that Bitcoin’s weekly candle closed near its all-time high of $93,000, indicating a strong uptrend. He predicts the price will break out soon, targeting $113,000 initially. Using Fibonacci extensions, the analyst estimates further targets at $173,000 and $462,000, based on historical bull runs.
Despite the bullish outlook, analyst Ali Martinez warns of potential price correction due to increased greed among crypto enthusiasts and profit-taking by investors. Technical analysis supports this, with sell signals like the TD Sequential and overbought RSI levels suggesting possible resistance ahead.
Martinez outlines key support levels if a correction occurs: between $83,250-$85,800 and $72,880-$75,520. However, sustaining a daily close above $91,900 could nullify the bearish outlook, paving the way for a breakout towards $100,680.
