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Bitcoin's $100K price target returns as BTC price breaks out of bull pennant

Published 10/11/2021, 11:57 AM
Updated 10/12/2021, 02:40 PM
© Reuters.
BTC/USD
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BTC/USD
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Bitcoin (BTC) looks poised to pursue a run-up towards $100,000 as its price breaks out of a classic bullish structure.

Dubbed as the Bull Pennant, the setup represents a price consolidation period with converging trendlines that form after a strong move higher. It ultimately prompts the price to break out in the direction of its previous trend to a level typically at length higher by as much as the size of the initial large move.

BTC/USD weekly price chart featuring Bull Pennant setup. Source: TradingView.com
BTC reserves across all exchanges. Source: TradingView.com

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