CandleFocus Bitcoin enters ‘bull pennant’ breakout as S&P 500 hits all-time high
2024-09-20
Author: Content Editor
The analyst Titan of Crypto believes that Bitcoin has formed a bull pennant pattern on its monthly chart, indicating a potential uptrend continuation. The S&P 500 hitting a record high after a rate cut by the Fed suggests that Bitcoin may also experience a significant rise. The bull pennant pattern started forming in September 2023 and is a continuation signal following a strong rally. Pseudonymous trader Crypto Rover also identified a falling wedge pattern, further indicating a bullish trend. If Bitcoin successfully breaches the bull pennant, it could rally to $158,000 by May 2025, representing a 170% increase. Key resistance levels at $65,000 and $70,000 will be important to watch. The opening of $1 billion in BTC perpetual futures contracts suggests the potential for a sharp market reaction in the coming days.
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