Bitcoin's $100K price target returns as BTC price breaks out of bull pennant

Bitcoin's $100K price target returns as BTC price breaks out of bull pennant


Bitcoin (BTC) looks poised to pursue a run-up towards $100,000 as its price breaks out of a classic bullish structure.

Dubbed as Bull Pennant, the setup represents a price consolidation period with converging trendlines that form after a strong move higher. It ultimately prompts the price to break out in the direction of its previous trend to a level typically at length higher by as much as the size of the initial large move.

On Bitcoin weekly charts, the cryptocurrency appeared to have been trending inside a similar consolidation structure, with its price fluctuating inside a Triangle-like structure following a strong move higher (Flagpole).

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BTC/USD weekly price chart featuring Bull Pennant setup. Source: TradingView.com

Last week, Bitcoin broke above the structure’s upper trendline as it rose by 13.5% with

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