CandleFocus Bitcoin Flashing Bullish Pattern That Led to 100% Rally Earlier This Year, According to Analyst Justin Bennett
2024-12-23
Author: Content Editor
Crypto strategist Justin Bennett believes that Bitcoin is forming a bullish pattern similar to what was observed earlier this year, which could lead to massive price surges. He notes that Bitcoin formed an ascending channel on the daily chart in Q1 of this year when it was trading at around $36,000. The ascending channel suggests higher highs and higher lows, indicating a bullish trend. Bennett also points out that Bitcoin briefly traded below the pattern's support in February before experiencing a 2x rally in a few months. He believes that if Bitcoin reclaims the $100,000 price area as support, it could ignite renewed rallies, with price targets of $110,000 and $120,000 in 2025. However, he emphasizes the importance of defending support at $95,700 for Bitcoin to remain constructive. At the time of writing, Bitcoin is trading at $95,889.
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