Bitcoin price is showing its most bullish pattern in 2021 so far, as it pulls back to support from a prior ceiling level before the next slingshot higher. If successful, this move could put BTC extremely close to a six-digit per coin value. On-chain metrics are also leaning bullish, with interest from investors increasing at a constant pace. All of this, combined with the more widespread adoption of the big crypto, suggests that the last two months of 2021 and Q1 of 2022, are likely to be a period cryptocurrency enthusiasts will be looking forward to. Bitcoin price breached a bullish pennant pattern, signaling a continuation of the 65% uptrend that transpired between September 30 and October 20. The initial leg-up, referred to as the flagpole, was followed by a consolidation that squeezed BTC price together to form a pennant. Together, this technical formation is a bullish pennant, which forecasts a 38% upswing obtained by adding the flagpole’s height to the breakout point at $62,760.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

On its way to the intended target, Bitcoin price will likely take a break at the 161.8% Fibonacci extension level at $77,908. In some cases, this run-up could extend another 15% to tag the $100,000 psychological level. Bitcoin price will probably remain bullish as long as it stays above the 2-day demand zone, extending from $60,521 to $63,620. A breakdown below this area will indicate that the optimistic narrative faces massive overhead pressure and is likely to fail. Confirmation of this will come  from BTC closing below $60,000 on a daily basis.

BITCOIN looking for a bearish correction

Nov 12 2021