The post Bitcoin Price Eyes 15% Gains But Traders Say BTC Could Drop to $115K First appeared on BitcoinEthereumNews.com.
Key takeaways: A Bitcoin price pullback to $115,000 is possible before continuing the uptrend. A bull pennant suggests that the BTC price could rally by 15% to new highs above $136,000. Bitcoin (BTC) price has spent most of the week pinned below $120,000, which many analysts have labelled as a key resistance zone. However, a new technical setup suggests that BTC is likely consolidating within a bull pennant before resuming its uptrend. Bitcoin “bull pennant†targets $136,000 and beyond Bitcoin rallied by 14% between July 8 and Saturday to reach an all-time high of nearly $123,000. Since then, BTC price has pulled back, consolidating between the all-time high and $115,000. The latest data from Cointelegraph Markets Pro and TradingView shows BTC trading inside a bull pennant, suggesting that the final “explosive phase†is next. Bitcoin is in a “bull pennant breakout targeting $140,000,†said popular crypto trader Titan of Crypto in a Monday post on X. Related: Bitcoin bull run ‘likely close to over’ says trader as XRP flips McDonald’s A bull pennant is a continuation pattern that occurs after a significant rise, followed by a consolidation period at the higher price end of the range. “Welcome to the final and most explosive phase of the bull run.†BTC/USD daily chart. Source: Titan of Crypto A positive breakout from the pennant could potentially lead to the next leg up for Bitcoin, measured at $136,500 or 15% from its current price level. BTC/USD four-hour chart. Source: Cointelegraph/TradingView It is important to note that the success rate of a bull pennant is only around 54%, which makes it one of the least reliable patterns. However, another classic pattern was spotted by Merlijn The Trader, a Bitcoin analyst, who says a BTC price target of $140,000 is in play based on an inverted…
