Cryptocurrency analyst Tardigrade dealer revealed a bullish pattern that has formed on Bitcoin’s chart. Based on this, the analyst explained how the price of Bitcoin could rise to as much as $113,000.

Bitcoin’s bullish pennant could send the price to $113,000

In the post, X Trader Tardigrade mentioned a bullish pennant that has formed on the Bitcoin chart. The analyst noted that the BTC price is still gearing up for another pump with this bullish pattern. AND stubborn pennant indicates a continuation of the upward trend after a brief period of consolidation.

Trader Tardigrades said that Bitcoin consolidation in the pennant he looks really vigorous and good. He added that Bitcoin price is now climbing to its peak and a breakout will occur soon. In line with this, the analyst stated that Bitcoin’s short-term price target remains at $113,000.

In the newer one Post XTrader Tardigrade noticed that BTC closed its weekly candle close to the current one highest level ever (ATH) for $93,000. The analyst said that this is a significant signal confirming the breakout of candles from long consolidation ranges. He added that he noticed that the strength of the upward trend was not decreasing, which confirmed that this was the beginning of a bull market.

Based on historical trends, an analyst recently predicted that Bitcoin’s price could rise as high as $462,000 during this market cycle. He explained that the massive bull rally ended between the 1.618 and 2.272 Fibonacci extensions. Therefore, BTC may reach $173,000 at the 1.618 Fib extension and rise to $462,000 if it reaches the 2.272 Fib extension.

BTC may experience a significant price correction first

In the post: X, cryptocurrency analyst Ali Martinez presented several reasons why Bitcoin may soon experience a edged correction. First, he stated that cryptocurrency enthusiasts are feeling extremely greedy right now. This greed is said to have spilled over to retail investors as there has been a significant raise in interest in Bitcoin on Google search.

Secondly, the analyst mentioned that BTC investors made a profit of more than $5.42, which exposes the Bitcoin price to significant sales pressure if these investors decide to secure some of these profits now. From a technical perspective, Martinez also noted that TD Sequential presented a sell signal on the BTC daily chart.

Meanwhile, Relative Strength Index (RSI) signals that Bitcoin is currently overbought. If there is a correction in the BTC price, Martinez stated that the key support walls to watch will be between $83,250 and $85,800 and between $72,880 and $75,520. However, the analyst added that a sustained daily close above $91,900 would invalidate this bearish outlook for Bitcoin and trigger a breakout to $100,680.

Featured image created with Dall.E, chart from Tradingview.com