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Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings

Bitcoin Forms Bullish Pennant That Shows Surge To $113,000 Is Coming, Here’s How

Scott Matherson
Scott Matherson
Last Updated: November 18, 2024 5:00 pm
3 mins read
Bitcoin Price Rallies Above $70K

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Crypto analyst Trader Tardigrade has revealed a bullish pattern that has formed on the Bitcoin chart. Based on this, the analyst explained how the Bitcoin price could rally to as high as $113,000. 

Bitcoin Bullish Pennant Could Send Price To $113,000

In an X post, Trader Tardigrade mentioned a bullish pennant that had formed on the Bitcoin chart. The analyst remarked that the BTC price is still preparing for the next pump with this bullish pattern. A bullish pennant indicates the continuation of an uptrend following a brief consolidation period.  

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Bitcoin price 1
Source: X

Trader Tardigrade said that the Bitcoin consolidation within the Pennant looks really healthy and good. He added that the Bitcoin price is climbing to the apex now and will make a breakout soon enough. In line with this, the analyst stated that the short-term target for the Bitcoin price remains $113,000. 

In a more recent X post, Trader Tardigrade noted that BTC closed its weekly candle close to its current all-time high (ATH) at $93,000. The analyst stated this is a significant sign, confirming the breakout candles from long-consolidating ranges. He added that he has noticed that the strength of the uptrend isn’t decreasing, which confirms that this is the beginning of the bull run. 

Based on historical trends, the analyst recently predicted that the Bitcoin price could rise to as high as $462,000 in this market cycle. He explained that massive bull runs have ended between Fibonacci extensions 1.618 and 2.272. Therefore, BTC could reach $173,000 at Fib extension 1.618 and rally to $462,000 if it reaches Fib extension 2.272. 

Bitcoin price 2
Source: X

BTC Could Witness A Significant Price Correction First

In an X post, crypto analyst Ali Martinez outlined several reasons why Bitcoin could be about to suffer a steep correction. Firstly, he stated that crypto enthusiasts are feeling extremely greedy at the moment. This greed is said to have spilled over retail investors as there has been a significant spike in Google search interest for Bitcoin. 

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Secondly, the analyst mentioned that BTC investors have realized over $5.42 in profits, which puts the Bitcoin price at risk of facing significant selling pressure if these investors decide to secure some of these profits now. From a technical perspective, Martinez also noted that the TD Sequential has presented a sell signal on the BTC daily chart. 

Meanwhile, the Relative Strength Index (RSI) signals that Bitcoin is currently overbought. If this BTC price correction happens, Martinez stated that the key support walls to watch are between $83,250 and $85,800 and between $72,880 and $75,520. However, the analyst added that a sustained daily close above $91,900 would invalidate this bearish Bitcoin outlook and would trigger a breakout to $100,680. 

Bitcoin price chart from Tradingview.com
BTC price drops below $91,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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