Though is currently undergoing a low correction after almost reaching the $100,000 price level, technical analysis showed the emergence of a bullish pattern on the Bitcoin price chart.

It is worth noting that the correction resulted in the formation of a bullish pennant on the 3-day Bitcoin price candlestick chart. This development could be the momentum needed to finally break the $100,000 price threshold. However, the projected breakout is not just above $100,000, but a run that would send the cryptocurrency to $145,000.

A bullish pennant appears on the Bitcoin price chart

The recent price action over the last 24 hours has seen Bitcoin price return to the $96,000 level after most of it was spent a week on the correction path. This correction in particular caused the Bitcoin price to bottom at $91,000 as many traders took profit.

It is worth noting that this constant back and forth movement of the BTC price has led to the formation of a petite bull pennant. Cryptocurrency analyst Trader Tardigrade, known for his technical analysis, noticed this pattern on the X social media platform. As he stated in his post“Small Pennant Big Target” while pointing to a pattern on Bitcoin’s 3-day candlestick chart.

Bullish pennant is a pattern of continuation which often appears during mighty uptrends. It begins with a edged price move (flagpole), followed by a consolidation phase (pennant), before potentially breaking out in the same direction as the initial trend.

The appearance of this bullish pennant on Bitcoin’s 3-day chart suggests that the cryptocurrency may be preparing for another leg higher. However, the pattern suggests that Bitcoin’s price may continue to consolidate for some time as the pennant liquidity has not yet been replenished. Nevertheless, Trader Tardigrade’s analysis highlights the long-term implications of this pattern. According to his forecast, once Bitcoin completes its consolidation and breaks out of the pennant, it could rise towards an ambitious price target of $145,000.

The $145,000 price target has become something of a recurring trend among cryptocurrency analysts. For example, this price target was also included in an analysis by cryptocurrency analyst Tony Severino, whose analysis pointed to the peak of Bitcoin price this cycle at approximately $145,000.

$100,000 price target still in play

At the time of writing, BTC is trading at $96,070 and is up 0.5% over the past 24 hours but down 3.3% over the past seven days. Possibility of Bitcoin price reaching $100,000 it’s not a matter of if at this moment, but when.

Speaking of when BTC price will soon experience another catalyst that may eventually exceed $100,000. On Friday, Bitcoin will see its largest monthly option expiration of 2024, with a total exposure of $13.6 billion. This expiration event could provide the momentum needed for bullish traders to push Bitcoin’s price above the $100,000 mark in the coming week.

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