Important takeouts:
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A pullback of the Bitcoin price to $115,000 is possible before continuing the uptrend.
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The Bull Pennant suggests that BTC prices could rise 15% to a new high above $136,000.
Bitcoin (BTC) prices spent most weeks pins under $120,000. This is labelled by many analysts as a major zone of resistance. However, the new technical setup suggests that BTC is likely to be consolidated within the Bull Pennant before resuming uptrends.
Bitcoin “Bul Pennant” targets over $136,000
Bitcoin rose 14% between July 8th and Saturday, reaching an all-time high of $123,000. Since then, BTC prices have been pulled back and merged between an all-time high and $115,000.
Latest data from Cointelegraph Markets Pro and TradingView show BTC trading within Bull Pennant, suggesting that the final “explosion stage” is next.
Bitcoin is located in “Bul Pennant Breakout for $140,000.”
Related: When XRP flips McDonald’s, the Bitcoin Bull Run “probably nearby,” says the trader
Bull pennants are a continuation pattern that occurs after a significant rise, followed by a consolidation period at a higher price range.
“Welcome to the final and most explosive stage of Bull Run.”
A positive breakout from the pennant could lead to the next leg of Bitcoin measured at $136,500 or 15% from the current price level.
It is important to note that bull pennants have a success rate of only about 54%, making them one of the least reliable patterns.
However, another classic pattern was discovered by Bitcoin analyst trader Merlijn. He says the BTC price target is repeated based on the inverted head and shoulder pattern on the three-day chart.
“The breakout is real. Momentum cannot be denied. $140K is a measured target.”
Other predictions are a little more ambitious, citing one analyst projecting a daily chart golden cross into $155,000.
Popular trader Marcus Corbinus made a modest prediction, saying that the symmetrical triangle breakout was targeting $125,000.
Bitcoin can be dropped to test support first
The bulk of Bitcoin’s apparent sell-side liquidity was absorbed into $122,000 on the move, so some analysts are warning of a quick flashdown to test $115,000 as support could be the next move in BTC prices.
“The low-liquidity over the weekend has been swept!” Popular analyst Alphabtc said Bitcoin can drop slightly to grab liquidity for around $115,000.
The BTC liquidity map shows that the order book is primed for that, with bid clusters stacked between $115,000 and $116,100.
“A little lower, the bull will have the fuel it needs to push higher again.”
Father analyst Daan Crypto Trades said BTC prices are nearing an all-time high, noting that the majority of the volume is trading at around $118,000, a medium-term level in the current range.
The analyst told his followers to look at the $115,000 range as support and the $121,000 range as resistance.
“Look at these local highs.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
