Bitcoin (BTC) enters bull pennant pattern... "If it breaks the upper boundary, $165,000 predicted"
Summary
- Cointelegraph reported that Bitcoin (BTC) has entered a bull pennant pattern on the daily chart.
- Analyst Jelle stated that if the bull pennant pattern breaks the upper boundary, a strong upward rally is highly likely.
- It was projected that the theoretical target price for the pattern is about 54% higher than the current price, at $165,200.
According to Cointelegraph, a cryptocurrency-focused media outlet, a bullish pattern known as the 'bull pennant' has formed on Bitcoin (BTC)'s daily chart as of the 25th (local time).
Crypto analyst Jelle explained, "Currently, BTC has recovered its key support zone and has entered the bull pennant pattern on the daily chart," adding, "The bull pennant is a pattern where the price consolidates near the high after a sharp surge, and if it breaks the upper boundary, there is a high probability that a strong uptrend rally will follow."
He further forecasted, "Theoretically, the target price for this pattern is about 54% higher than the current price, at around $165,200."
Meanwhile, on June 26 at 01:15, BTC is trading on the Binance Tether (USDT) market at $107,358.30, up 2% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
