Crypto analyst Trader Tardigrade revealed a bullish pattern forming on the Bitcoin chart. Based on this, the analyst explained how the Bitcoin price could rebound to $113,000.
The bullish pennant for Bitcoin could push the price up to $113,000.
In an X post, Trader Tardigrade mentioned the bullish pennant forming on the Bitcoin chart. This analyst stated that the BTC price is still preparing for the next upward move of this bullish pattern. The bullish pennant indicates a continuation of the upward trend after a brief consolidation period.
Trader Tardigrade stated that the consolidation of Bitcoin within the Pennant looks very healthy and good. He added that the Bitcoin price is now climbing to a peak and will soon break through. In line with this, the analyst stated that the short-term target for Bitcoin price remains $113,000.
In a recent X post, Trader Tardigrade pointed out that the weekly candle close price of BTC is close to the current historical high (ATH) of $93,000. The analyst stated that this is an important signal confirming the breakout candle from the long-term consolidation range. He added that he has noticed the strength of the upward trend has not weakened, confirming that this is the beginning of a bull market.
Based on historical trends, this analyst recently predicted that Bitcoin's price could rise to $462,000 in this market cycle. He explained that the massive bull market has ended between the Fibonacci extension levels of 1.618 and 2.272. Therefore, BTC could reach $173,000 at the Fibonacci extension level of 1.618, and rebound to $462,000 if it reaches the Fibonacci extension level of 2.272.
BTC may first witness a significant price adjustment.
In an X post, cryptocurrency analyst Ali Martinez outlined several reasons why Bitcoin may soon face a sharp correction. First, he stated that crypto enthusiasts currently feel very greedy. It is said that this greed has spread to retail investors, as Google's search interest in Bitcoin has surged significantly.
Secondly, the analyst mentioned that BTC investors have realized profits exceeding $5.42, and if these investors decide to take some profits now, it would put Bitcoin's price at risk of facing significant selling pressure. From a technical perspective, Martinez also noted that TD Sequential has issued a sell signal on the BTC daily chart.
Meanwhile, the Relative Strength Index (RSI) indicates that Bitcoin is currently in an overbought state. Martinez stated that if the BTC price experiences a pullback, the key support walls to watch are between $83,250 and $85,800, as well as between $72,880 and $75,520. However, this analyst added that if the daily closing price remains above $91,900, it would invalidate this bearish outlook for Bitcoin and trigger a breakout to $100,680.
