Bullish Pennant Breakout
Cryptocurrency analyst Javon Marks predicts that Bitcoin (BTC) will rise by over 18%, reaching the $80,000 range. This surge is expected after a bullish breakout from a bullish pennant pattern.
Confirmation of Strength
Marks previously observed mild signs of strength in Bitcoin, supported by a bullish pattern. This strength confirmed a bullish pattern that could lead to a breakout.
Potential Surge
If a breakout occurs, Marks anticipates a potential 17.1% surge in Bitcoin’s price to the $80,000 range. He has since confirmed the breakout and reiterated his prediction of an 18% price spike to the $80,000s.
Long-Term Outlook
Marks is bullish about Bitcoin, predicting a move to $116,652 and beyond. He believes this move is likely to happen from $69,225 and will occur sooner than most people expect.
Consolidation and Breakout
Marks’ analysis aligns with other cryptocurrency experts, who have also confirmed a breakout from the bullish pennant formation. After consolidating for over 18 days, Bitcoin is expected to reach a new all-time high in the coming days.
Current Market Conditions
At the time of writing, Bitcoin’s price has increased by 1.41% to $70,000, with a market capitalization of over $1.38 trillion. However, its trading volume has decreased by over 8% in the past 24 hours.
