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Bitcoin's $100K price aim is alive again as BTC value tears out of bull pennant.
The digital gold looks poised to re-pursue a sprint-up towards $100,000 as its price forces itself out of a classic bullish structure.
Inducted as Bull Pennant, the setup represents a price consolidation period with converging trend-lines that form after a dominant move higher. It purposefully prompts the price to break out in the motion of its initial trend to a level typically at length higher by as much as the size of the initial massive move.
According to the Bitcoin weekly charts analysis, the cryptocurrency showed to have been trending within a similar consolidation structure, with its price fluctuating inside a Triangle-like structure following a strong move higher (Flagpole).
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Bitcoin pushed above the structure's upper trend-line as it rose by 13.6% with inclining trading volumes to boot. As a result, the digital gold's breakout move showed its potential to increase by as much as the size of its initial trend (nearly $50,000).
Watch out, bitcoin is aiming $100k.
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Looking forward to watch this pull up the Alt market too.
Hmmn, I think you are right. I also wait on it to reflect on some powerful alts