Bitcoin Enters ‘Bullish Pennant’ Breakout as S&P 500 Hits All-Time High

Share this article

Bitcoin has formed a bullish pennant pattern on its monthly chart, suggesting a potential continuation of the uptrend, according to According to Crypto analyst Titan. This pattern often indicates accumulation before a major price move. Meanwhile, the S&P 500 hit a record high of 5,700 points after the Fed’s first rate cut in four years, suggesting Bitcoin could follow with a significant surge.

This rally could suggest that Bitcoin could follow suit, with a possible significant increase in its price in the near future.

Bullish Pennant Pattern Unfolds on Bitcoin’s Monthly Chart as Shown by Titan of Crypto analysisThis pattern, known for its bullish continuation signal, began forming in September 2023. It follows a strong price rally that began in the last quarter of 2023 and culminated with Bitcoin reaching a new all-time high in March 2024.

#Bitcoin The bull’s flag is bursting! 💥🚀

A huge bullish pennant is breaking to the upside on the monthly time frame.

This could be the start of a major movement! 🐂 pic.twitter.com/boF0uHQNyz

– Crypto Titan (@Washigorira) September 19, 2024

The current consolidation phase, which has lasted for about six months, has shown a series of lower highs. These moves have been confined within converging trendlines, creating a distinct pennant shape. This pattern suggests that Bitcoin is accumulating energy for its next major price move.

Additionally, pseudonymous trader Crypto Rover identified a falling cornerwhich, along with the bull pennant, signifies a bullish trend for Bitcoin, reflecting positive market sentiment.

A breakout of a bullish pennant usually indicates a continuation of the previous uptrend. As stated By Titan of Crypto on September 14, a successful break above the pennant for Bitcoin could signal the start of a rally, potentially targeting a price of $158,000 by May 2025. To reach this ambitious target, Bitcoin would need to see an increase of around 170% from its current price levels over the next six to eight months.

This increased market activity further highlights the importance of key resistance levels. As stated According to crypto and stock investor Jelle, breaking the key $65,000 resistance level will push Bitcoin higher. However, crypto trader CrediBUll observed that the real test is at $70,000, as rejection at that level remains a possibility.

A key factor to watch, highlighted by Will Clemente, is the opening of $1 billion worth of BTC perpetual futures contracts in the last 24 hours. This signals the potential for a strong and aggressive market reaction in the coming days.

$1 billion in open contracts on BTC perverts in the last 24 hours alone, I wouldn’t be surprised if the market takes a quick run.

I’m not trying to be too tactical and not touch my positioning, but it’s worth being aware of. pic.twitter.com/iknUFwXFeQ

— Will (@WClementeIII) September 19, 2024

Share this article