Analyst Ali has proposed that Bitcoin may be forming a bull pennant, which could alter the cryptocurrency's price trajectory.
Current Bitcoin Situation Analysis
Ali challenges the widespread view of Bitcoin forming a head-and-shoulders pattern, suggesting instead the formation of a bull pennant. This pattern typically signals a continuation of the current upward trend.
Potential Target — $140,000
Ali predicts that if the bull pennant plays out, Bitcoin's price could reach $140,000. Currently trading around $94,448, Bitcoin stands above the support level of $86,897 according to Fibonacci retracement. The next resistance level is marked at $106,777.
Short-Term Forecast and Scenarios
On the 1-hour chart, a falling wedge pattern, known for bullish reversal, is visible. A breakout above $96,000 could indicate further price increases. However, failure to maintain this breakout might lead to a drop to $92,000 – $93,000.
Ali's analysis supports expectations of a continued upward trend for Bitcoin, with key technical levels potentially playing a critical role in determining its future movement.
