Bitcoin’s next target will be $100K following this bullish flag

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 $93,4...

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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.