Bitcoin is predicted to rise to $140K again!

Bittime - Bitcoin is back in the spotlight with predictions that the price of this digital asset will jump to $140,000. 

According to analysts, the bullish pennant pattern formed on the Bitcoin price chart is a strong indication of a significant upward movement in the near future.

Currently, Bitcoin is trading around $94,448, close to an important resistance level. If this bullish pattern materializes, it could be a pivotal moment for traders and investors to capitalize on opportunities in the dynamic crypto market.

What is a Bullish Pennant Pattern?

A bullish pennant pattern is one of the chart formations that appears after a sharp upward price movement. 

It indicates a brief consolidation before resuming the upward trend. In the context of Bitcoin price, this pattern signals that the bullish trend is still strong.

Source X @ali_charts

Analysts predict that Bitcoin price could reach $140,000 if it is able to break the resistance at $106,777 and $120,801. Fibonacci extensions also point to a long-term price target of $144,332. 

However, if the price drops below $86,897, selling pressure could increase, taking the price towards the $78,757 level.

Also read: Bitcoin Price Predicted to Break $350K, What are the Driving Factors?

Current Bitcoin Price and Market Trends

At the time of writing, Bitcoin price is at $94,368. After breaking out of a falling wedge pattern on the 1-hour chart, Bitcoin shows a potential upside to $96,000 as a short-term target. 

A falling wedge pattern often signals an upside reversal, giving traders renewed hope.

Source Market Bittime

However, resistance at $96,000 needs to be broken to strengthen the bullish momentum. 

If it fails, Bitcoin price may again test the support level at $92,000 to $93,000. The RSI indicator is currently below 50, indicating a balance between buyers and sellers.

Bitcoin Predictions Going Forward

Bitcoin's price movements are heavily influenced by global market conditions, digital asset adoption, and economic policies. With a bullish pennant pattern forming, the potential for Bitcoin's price to rise is growing, even up to $140,000.

However, it is important to stay alert to potential price corrections. The $86,897 level is a critical area that needs to be maintained to avoid greater selling pressure. 

Traders are advised to continue monitoring key technical levels and capitalize on opportunities amid market volatility.

Also read: Bitcoin Drops: SOPR Indicator Shows Buy Signal

Conclusion

Bitcoin shows significant upside potential with price predictions up to $140,000. The bullish pennant and falling wedge patterns provide positive signals for price movements.

However, the risk of correction remains, so you need to do in-depth research before making an investment decision.

Make sure to keep abreast of Bitcoin price developments and take advantage of opportunities in this digital asset market. With careful planning, you can maximize the profit potential of Bitcoin's ongoing bullish trend.

FAQ

What caused the Bitcoin price to rise to $140,000?

The prediction of a Bitcoin price increase to $140,000 is based on the analysis of a bullish pennant pattern that shows the potential for a continuation of the uptrend. In addition, the technical resistance levels at $106,777 and $120,801 are important determinants in the price's journey towards this target.

What are the risks to be aware of when investing in Bitcoin?

Although the upside potential is high, the risk of a correction remains, especially if the Bitcoin price drops below the critical support level of $86,897. Market volatility and external factors such as economic policies can also affect the price.

How to capitalize on opportunities amid Bitcoin's volatility?

Traders are advised to monitor key technical levels, such as resistance at $96,000 and support at $92,000. Use wise investment strategies and careful planning to optimize potential profits.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

References

thecoinrepublic.com, Bitcoin (BTC USD): Analyst Predicts Bull Pennant Breakout, Targeting $140,000, accessed on January 13, 2025.

Author: AWW