Crypto analyst Washigorira, known as Titan of Crypto, has identified a significant bull pennant formation on Bitcoin’s daily chart, suggesting a potential surge to $128,000 by year-end. The analyst emphasizes that while this ambitious target might seem unexpected to many, the technical setup supports such a dramatic move.
The crypto analyst breaks down the current chart pattern, highlighting a bull pennant formation following a strong upward trend. This technical pattern typically emerges after a sharp price increase, forming what traders call the flagpole. The subsequent consolidation phase creates converging trendlines, shaping a triangular pattern characteristic of a bull pennant.
Target Analysis and Methodology
The $128,000 target derives from standard technical analysis methodology. By measuring the flagpole’s height and projecting it from the potential breakout point, the analyst arrives at this price objective.
The current consolidation phase, marked by tightening price action, suggests accumulation before a possible explosive move.
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A few market participants are anticipating such a dramatic move; a breakout could trigger significant FOMO (Fear of Missing Out) could potentially accelerate the price movement. This psychological factor, combined with the technical setup, forms the basis of his bullish outlook.
A breakdown below the pennant’s lower trendline would invalidate the pattern. Additionally, broader market conditions, including macroeconomic factors and regulatory developments, could impact Bitcoin’s price trajectory.
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