Bitcoin (BTC) recorded its highest weekly close after rising 12% in the past 7 days and gaining 31% in November.
Since reaching its all-time high (ATH) at $93,450, BTC price has continuously fluctuated between a new peak and the $87K mark.
During that period, SuperBitcoinBro, an anonymous trader, pointed out that BTC had formed a daily pennant bullish flag pattern.
A bull flag is a pattern that occurs after a significant upward wave, followed by a period of consolidation at higher prices. A breakout could help Bitcoin pump to $125K, or about 40% above current prices.
However, the success rate of the bullish flag pattern is only about 54%. And this is one of the most “uncertain” models.
Think we see 130k-145k before the end of the year #BTC https://t.co/phKEtcvefi pic.twitter.com/kHCmZCT1tQ
— “Coosh” Alemzadeh (@AlemzadehC) November 17, 2024
Coosh Alemzadehalso a Bitcoin trader, predicts the target for Bitcoin will be between $130K and $145K by the end of 2024.
Alemzadeh’s long-term view is based on Elliott wave theory and the market is currently in the 5th expansion wave, which is the strongest uptrend.
After BTC rose above $73,880, the $75K to $90K zone was strongly supported by the increase in Coinbase premium, rising to its highest level since Q2/2024. However, Coinbase premium has cooled, showing that US retail is slowing down and hesitant.
Retail investors are coming: #Bitcoin transaction volume under $100K hits a 3-year high. pic.twitter.com/S0pG6eErlY
— Ki Young Ju (@ki_young_ju) November 18, 2024
Ki-Young Ju, CEO of CryptoQuant, believes that retail FOMO under $100K could lead to a “liquidity escape” signal for whales.
However, Ju also emphasized that this is simply a correction and not the beginning of a bear market.
On the lower timeframe, BTC continuously bounces from the ascending trendline. Currently retesting. The price action also received support from the 50D and 100D EMAs.
Once BTC breaks out above $93,421, we will set 100K as our next target.
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