Bitcoin is setting the stage for a potential explosive move, with technical analysis pointing to a significant rally beyond $150,000. The cryptocurrency’s price action is signaling various bullish patterns across multiple timeframes, offering analysts several perspectives on its future trajectory.
One of the standout formations is a bullish pennant on the monthly timeframe, indicating that Bitcoin may be gearing up for a major surge. This pattern was highlighted on social media platform X by crypto analyst Titan of Crypto, using a Bitcoin/U.S. Dollar monthly candlestick chart. The pennant formation has been developing since September 2023.
The “pole” of the pattern formed during a strong rally that started in Q4 2023 and peaked with Bitcoin reaching a new all-time high in March 2024. Afterward, BTC entered a consolidation phase, characterized by a series of lower highs within clearly defined trendlines, shaping a pennant.
If this pattern successfully breaks to the upside, it could lead to a prolonged rally on the monthly timeframe. Titan of Crypto has set a bullish target of $158,000 by May 2025, requiring Bitcoin to rally approximately 170% from its current price over the next six to eight months.
Titan of Crypto tweeted: “Bitcoin Bull Pennant Still in Play: $158,000 🎯… If it plays out, #BTC could be catapulted to the moon.”
Abundant Bullish Indicators
Further analysis on the daily chart by Titan of Crypto shows that Bitcoin has reclaimed both the Tenkan and Kijun lines, key elements of the Ichimoku Cloud. The Relative Strength Index (RSI) has also broken through a long-standing resistance, suggesting increased buying pressure.
Bitcoin is now pushing above the Kumo Cloud, though a retest may occur before a confirmed breakout. A successful breakout could trigger renewed bullish momentum in the short term.
At the time of writing, Bitcoin is trading at $58,827, down 2.3% in 24 hours. Despite falling below $60,000, this level remains a critical resistance point for Bitcoin’s next move.
