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).
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