Bitcoin price in classic ‘Bull Pennant’ breakout as BTC whales go on buying spree

70 0

Bitcoin (BTC) has the potential to rise toward $75,000 by the end of this year as it breaks out of a classic bullish pattern and picks additional upside cues from its richest investors’ recent accumulation spree.

Bitcoin Bull Pennant breakout in play

BTC rallied over by 6% in the past 24 hours to reach a three-week high just shy of $66,500. In doing so, the cryptocurrency broke out of a consolidation range consisting of two diverging trendlines, a setup reminiscent of a Bull Pennant.

Bull Pennants are bullish continuation patterns that appear when an instrument consolidates in a Triangle-like price range following a strong move higher (called Flagpole). It typically ends up breaking out of the range to the upside, eyeing a profit target at length equal to the Flagpole’s size.

Bitcoin ticks almost all the boxes when it comes to confirming a Bull Pennant breakout. As a result, its likelihood of continuing its upside boom has risen, with its profit target sitting as high as the height of its Flagpole, which is over $12,300, as shown in the chart below.

BTC/USD daily price chart featuring Bull Pennant setup. Source: TradingView

The bull setup puts the BTC price on the way towards $75,000, after adding the Flagpole height to the point of breakout around $63,300.

Whales enter BTC accumulation spree

Bitcoin’s bullish setup received additional confirmation from an on-chain indicator by Santiment that tracks distribution/accumulation activities of the wallets with balances between 10,000 BTC and 100,000 BTC.

The metric highlighted that the so-called “Bitcoin whales” have been accelerating their buying spree.

Specifically, these entities accumulated 43,000 BTC (worth about $2.82 billion) in the last five days and about 92,000 BTC (over $6 billion) in the last 25 days, just as the price rallied to a record high near $67,000, corrected below $60,000, and surged back above $66,000.

Bitcoin whale accumulation/distribution chart. Source: Santiment

The whale-led buying between the $60,000–67,000 area underscored their preparations for the times ahead, i.e., they anticipated Bitcoin to close beyond its previous record high.

Related: Bitcoin whale indicator detects multi-month accumulation trend as BTC eyes $67K-retest

In addition, on-chain analyst Willy Woo noted that Bitcoin continues to move off exchanges to cold storage in recent weeks. At the same time, the deposits of dollar-pegged stablecoin USDC (USD) surged in the same period, underlining a classing buying pattern.

BTC spot exchange net flows. Source: Willy Woo

“Price was previously overheated, calling for a time of consolidation, since then we’ve seen significant buying from investors while [the] price has been sideways,” wrote Woo in a note to clients, adding:

“It’s been a healthy consolidation. Meanwhile, significant whale activity has been spotted which suggests BTC’s next move in price may come soon.”

Bitcoin is up by nearly 50% so  in Q4, just 2% under its all-time high of $67,000. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

70 Comments
  1. Iirsuk says

    cialis 5mg without prescription – cheap tadalafil tablets generic cialis 20mg

  2. Dexoff says

    hydroxychloroquine pills – buy generic hydroxychloroquine 200mg order plaquenil 200mg online

  3. Tcrytp says

    ivermectin lotion price – ivermectin australia stromectol us

  4. Qgsabu says

    cephalexin 250mg usa – cleocin 300mg without prescription erythromycin online order

  5. Qqyidc says

    sildenafil 50mg over the counter – fildena 100mg pills antabuse 250mg us

  6. Purvez says

    order rhinocort online – buy generic ceftin 250mg ceftin 250mg pills

  7. Vqbrmi says

    order careprost without prescription – buy methocarbamol 500mg without prescription purchase desyrel generic

  8. Ihtcbx says

    purchase sildenafil without prescription – viagra 100mg canada buy generic ranitidine 150mg

  9. Cgynhb says

    cialis pills 10mg – cialis 5mg pill ivermectin cost

  10. Hdxzgj says

    discount cialis – buy ivermectin for humans australia erectile dysfunction drug

  11. Ymlcsc says

    casino online games for real money – buy prednisone 10mg without prescription prednisone pills

  12. Fdxoim says

    buy prednisone for sale – oral accutane 10mg order isotretinoin 10mg without prescription

  13. Pwuqbx says

    buy amoxicillin 1000mg sale – sildenafil 100mg england sildenafil overnight shipping

  14. Aphjye says

    cialis canada – buy cialis pills oral cialis

  15. Cyrfky says

    ivermectin 12 mg oral – buy ivermectin 3 mg for humans order zithromax 250mg

  16. Srngyh says

    azithromycin pills – order generic zithromax 250mg methylprednisolone 4 mg tablets

  17. Jhijat says

    baricitinib pills – buy aralen online purchase dapoxetine generic

  18. Bujgsw says

    metformin 500mg pill – canadian discount online pharmacy atorvastatin 40mg pills

  19. Vnygbl says

    order norvasc 10mg generic – lisinopril 5mg generic oral omeprazole

  20. Pmvbam says

    buy lopressor without prescription – buy tenormin 100mg online cheap tadalafil online

  21. Wdvuyn says

    cialis 5mg – sildenafil 25mg for sale brand viagra pills

  22. Gvhvpp says

    stromectola online – buy ivermectin 3mg online ivermectin 1 cream generic

  23. Xccfkm says

    order clomiphene – purchase cetirizine zyrtec for sale online

  24. Mvhzfv says

    order clarinex – order desloratadine generic aristocort 4mg over the counter

  25. Dqcfyz says

    purchase misoprostol sale – prednisolone 5mg price order synthroid 100mcg sale

  26. Fudntt says

    order viagra without prescription – cheap neurontin generic neurontin 600mg us

  27. Zkaqjy says

    buy cialis 40mg pills – order tadalafil for sale order cenforce pill

  28. Acghng says

    diltiazem cheap – order zovirax online cheap order acyclovir 800mg without prescription

  29. Jglqbu says

    atarax price – crestor 10mg us buy crestor 20mg online

  30. Hdqmaj says

    purchase zetia sale – buy generic ezetimibe 10mg purchase celexa generic

  31. Yluzaf says

    viagra next day delivery usa – oral cyclobenzaprine 15mg buy flexeril 15mg without prescription

  32. Hamgmk says

    sildenafil 50mg without prescription – purchase tadalafil cialis price walmart

  33. Lwofdx says

    buy toradol online – toradol pill ozobax without prescription

  34. Dkkuej says

    buy colchicine online cheap – colchicine cheap atomoxetine pills

  35. Xwklwe says

    viagra 100mg tablet – order methotrexate 2.5mg sale clopidogrel for sale

  36. Rabkqp says

    order sildenafil pill – order viagra online cheap sildenafil 100mg generic

  37. Naxlvl says

    order nexium 20mg generic – oral esomeprazole 20mg promethazine uk

  38. Lijxxg says

    cheap tadalafil 40mg – cheap cialis online online cialis

  39. Yqrrgf says

    buy modafinil pills – ed meds online erection pills that work

  40. Nybrit says

    isotretinoin canada – amoxil 1000mg cheap zithromax pills

  41. Qlfpvg says

    purchase furosemide pills – buy sildenafil 100mg pill overnight delivery viagra

  42. Jhfagr says

    how much is cialis – order cialis pills purchase viagra without prescription

  43. Btehxi says

    generic tadalafil 20mg – cialis tadalafil 20mg coumadin without prescription

  44. Pxmuvq says

    topiramate sale – buy levaquin 500mg generic sumatriptan 50mg

  45. Skfdwp says

    order avodart 0.5mg generic – cialis pill buy cialis 10mg sale

  46. Azirxj says

    viagra 50mg price – sildenafil 100mg for sale cialis australia

  47. Zhzbht says

    male erection pills – cheap erectile dysfunction pills order prednisone 20mg online

  48. Mdjfjt says

    accutane 10mg brand – amoxil pill amoxicillin 500mg generic

  49. Qscdms says

    buy lasix 100mg online – brand azithromycin 500mg buy zithromax generic

  50. Mrtths says

    doxycycline 200mg usa – cost plaquenil 400mg aralen uk

  51. Bkvjod says

    tadalafil 40mg usa – Canadian healthcare cialis sildenafil 150mg oral

  52. Etnbzt says

    modafinil order – generic sildenafil 100mg sildenafil 50mg pills

  53. Ccoyfp says

    otc ed pills that work – cure ed deltasone over the counter

  54. Tldvae says

    accutane 40mg pills – buy isotretinoin generic celebrex order

  55. Rjjfjw says

    order tamsulosin generic – order flomax 0.2mg sale spironolactone for sale online

  56. Dxxrsf says

    order simvastatin 10mg sale – buy zocor 20mg pill buy research papers online no plagiarism

  57. Gamymr says

    slots real money – free casino games no registration no download editing essays

  58. Pwmrru says

    real casino – order ampicillin 500mg buy ampicillin online

  59. Okblfb says

    ciprofloxacin 500mg us – order cipro 1000mg online order tadalafil 40mg without prescription

  60. Pofcpz says

    sildenafil 100mg oral – order prednisone 5mg generic buy vardenafil with no prescription

  61. Imhlpz says

    prednisolone 20mg usa – prednisolone drug buy generic tadalafil 5mg

  62. Jvdcie says

    buy augmentin 375mg pill – tadalafil usa brand tadalafil

  63. Nuozbv says

    oral bactrim 480mg – buy bactrim 960mg without prescription brand sildenafil 150mg

  64. Xwyjkb says

    cephalexin 500mg usa – cephalexin 250mg brand purchase erythromycin for sale

  65. Bohwvv says

    brand sildenafil – stromectol usa price ivermectin india

  66. nodbuebi says

    modafinil 200mg price buy modafinil pills

  67. omguyqui says

    provigil online order order modafinil 100mg pill order modafinil 200mg generic

  68. Xyqtlj says

    buy rhinocort without prescription – antabuse for sale online antabuse canada

Leave A Reply

Your email address will not be published.