Key Takeaways
- Bitcoin’s bull pennant and rising RSI indicate a potential rally to $158,000.
- Technical signals suggest sustained bullish momentum for Bitcoin.
Bitcoin technical analyst “Titan of Crypto” shared insights indicating a high probability for Bitcoin to reach $158,000, supported by a bull pennant pattern and rising monthly RSI levels, in a post on X.
#Bitcoin $158,000 is Inevitable 🚀
With a Bull Pennant unfolding and the monthly RSI climbing back above its moving average, #BTC is gearing up for a higher move! pic.twitter.com/ldatmzKrcb
— Titan of Crypto (@Washigorira) October 28, 2024
The bull pennant pattern, identified on the chart, is a continuation signal that typically follows a significant price surge, suggesting Bitcoin may be primed for another strong upward move.
The breakout, highlighted by a blue arrow, signals a potential rally that could lift Bitcoin to new highs. Titan of Crypto emphasized that the $158,000 target aligns with Bitcoin’s historical price behaviors when higher timeframes show bullish signals.
Additionally, the monthly RSI (Relative Strength Index) has crossed above its moving average, reinforcing buying momentum and a shift in sentiment toward accumulation.
This monthly RSI crossing is a notable bullish signal, as higher timeframe indicators carry substantial weight in technical analysis, indicating a more sustained upward trend.
Titan of Crypto highlighted an optimistic EV analysis that points to a potential target of $340,000, alongside a short-term target suggesting a key move soon to $71,000, and the macro-scale bull pennant pattern targeting $158,000.
Source: https://cryptobriefing.com/bitcoin-price-forecast-analysis-2/