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Bitcoin has formed a bull pennant pattern on its monthly chart, indicating a possible continuation of the uptrend. after said analyst Titan of Crypto. This pattern often indicates accumulation before a larger price move. Meanwhile, the S&P 500 hit a record 5,700 after the Fed’s first rate cut in four years, suggesting Bitcoin could follow with a significant increase.

This upswing could indicate that Bitcoin will follow suit and potentially see a significant price increase in the near future.

The bull pennant pattern unfolds on Bitcoin’s monthly chart, as seen in Titan of Crypto analysis. This pattern, known for its bullish continuation signal, began forming in September 2023. It followed a strong price rally that began in the last quarter of 2023 and peaked when Bitcoin hit a new all-time high in March 2024.

#Bitcoin Breaking out of the bull pennant! 💥🚀

On the monthly time frame, a massive bull pennant breaks out to the upside.

This could be the start of a big move! 🐂 pic.twitter.com/boF0uHQNyz

– Titan of Crypto (@Washigorira) 19 September 2024

The current consolidation phase, which lasts for about six months, has shown a series of lower highs. These moves were confined to converging trend lines, creating the clearly visible pennant shape. This constellation suggests that Bitcoin is gathering energy for its next major price move.

In addition, the pseudonymous trader Crypto Rover identified a falling wedgewhich together with the bull pennant indicates an uptrend for Bitcoin and reflects positive market sentiment.

The breakout from a bull pennant typically indicates a continuation of the previous uptrend. As mentioned According to Titan of Crypto on September 14, a successful breakout above Bitcoin’s mark could signal the start of a rally that may target a price of $158,000 by May 2025. To reach this ambitious goal, Bitcoin would need to rise by about 170% from its current price level over the next six to eight months.

This increased market activity once again underscores the importance of key resistance levels. As reported by crypto and stock investor Jelle, breaking the key resistance level of $65,000 will push Bitcoin higher. Crypto trader CrediBUll observed that the real test is at $70,000, as rejection at that level is still possible.

One important factor to watch, as Will Clemente highlights, is the opening of $1 billion worth of BTC perpetual futures contracts in the last 24 hours, indicating the potential for a sharp and aggressive market reaction in the coming days.

In the last 24 hours alone, $1 billion worth of contracts have been opened for BTC perps. I wouldn’t be surprised if the market sees a rapid rally.

I don’t want to be too tactical or change my positioning, but it’s important to be aware of it. pic.twitter.com/iknUFwXFeQ

— Will (@WClementeIII) 19 September 2024

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