The Bitcoin ‘Daily Pennant’ is targeting $125,000 as the BTC coil approaches its all-time high.

Bitcoin (BTC) price has set a new weekly high for the second week in a row after rising 12% over the past seven days. The cryptocurrency asset is up 31% for the month as prices continue to consolidate near the all-time high (ATH) range.

With technical analysis showing a bullish outlook across all time frames, one analyst believes a further 40% rise could unfold in the coming days.

Bitcoin “Daily Pennant” Target $125,000

Bitcoin rose 40% between November 4 and 13 after its price began trading above $80,000. After reaching an all-time high (ATH) at $93,450, its value oscillated between ATH and $87,000.

During that consolidation period, anonymous technical analyst SuperBitcoinBro noted that BTC formed a bullish pennant on the daily chart.

A bullish pennant is a continuation pattern that occurs after a significant rally, followed by a period of consolidation at the higher price end of the range.

A positive breakout of the pennant could potentially lead to Bitcoin’s next move, measured at $125,000 or 40% from the current price point.

However, it is important to note that the bullish pennant only has a success rate of about 54%, making it one of the least reliable patterns.

Additionally, Bitcoin trend analyst Coosh Alemzadeh predicted a similar price target range for Bitcoin between $130,000 and $145,000 by the end of 2024.

Alemzadeh’s long-term outlook is based on the Elliot wave theory, and according to the analyst, Bitcoin is currently in its fifth wave extension, with “the steepest part of this move ahead of us.”

relevant: BTC price approaches $90,000 weekly. — 5 things to know about Bitcoin this week

Coinbase Premium represents $90,000 of uncertainty.

After Bitcoin entered price discovery above $73,880, the move between $75,000 and $90,000 was strongly supported by a surge in Coinbase premiums, which surged to their highest level since the second quarter.

However, as the premium index cooled, it can be seen that the movement of American individual investors is slowing down. A quick insight from CryptoQuant also hinted at similar sentiments and noted:

“It appears that Coinbase is taking a breath to decide its next move. Conservative traders would be wise to enter after the Coinbase premium regains momentum.”

This is consistent with the fact that Bitcoin trading volume under $100,000 has reached a three-year high. CryptoQuant CEO Joo Ki-young believed that retail FOMO below the $100,000 limit could lead to the formation of “exit liquidity” for whales. However, on-chain analysts emphasized that this correction would only mean a decline and not the start of another bear market.

On lower time frames, Bitcoin has repeatedly bounced off its rising trendline and is currently prompting another retest. The price has also found support at the 50-day EMA level and the 100-day EMA level and is currently oscillating just above the psychological level of $90,000.

A break above $93,421 and a significant close signals another price discovery period for BTC, with $100,000 set as the immediate target.

relevant: BTC price ‘problem’ includes $70,000 drop despite Bitcoin whale accumulation

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.