The post Bitcoin Price: $140K Bull Pennant Or Final Dump? appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) was trading at the price of $94,426.18 at press time with a daily trading volume of $42 billion. Over the past 24 hours the price has risen slightly by 0.82%, and it has risen 3.59% in the last week. With a market cap of $1.87 trillion, cryptocurrency has a circulating supply of 20 million BTC. According to crypto analyst Rekt Capital, Bitcoin is in a price discovery correction following its first crossing of the $100,000 level. Looking at historical trends, you will see that there’s a pattern of corrections happening after significant price moves in Bitcoin. In 2013 the cryptocurrency lost 75% of its value over 13 weeks. Similar thing happened in 2017 and 2021 where Bitcoin fell down by 34 percent and 31 percent within 3 and 4 weeks, respectively. This year’s correction has been less severe, with Bitcoin down 15% over the past four weeks. Commenting on this, Rekt Capital noted, “Depth-wise, this current -15% Price Discovery Correction has been much shallower by standards of history.” – Advertisement – Despite the duration of this correction, it is in keeping with previous cycles and therefore could be in its final stages. Potential $140K Breakout Emerges Amid Bull Pennant Formation Some analysts believe Bitcoin is forming a bearish head and shoulders pattern. Crypto analyst Ali (@ali_charts), on the other hand, thinks Bitcoin is maybe constructing a bull pennant—a regular sign up trend movement. According to Ali, the current consolidation phase resembles a triangular pennant following Bitcoin’s earlier strong price surge. If this pattern holds, Bitcoin could be preparing for a breakout toward $140,000. Ali stated, “What if instead of the head-and-shoulders top everyone is talking about, #Bitcoin $BTC is actually forming a bull pennant, targeting $140,000 next?” Source: X Fibonacci retracement has been used identify key support levels.…

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Filed under: News - @ January 13, 2025 4:25 am