Bitcoin Bulls Eye $90K Target as Price Consolidates
The Bitcoin price is showing signs of a bullish continuation pattern after a recent surge. According to TradingView, if the breakout continues, $90K may be the next target for the bulls.
A bull pennant has formed in the 1-hour chart, indicating potential further upside. The price has consolidated after a quick 7.5% increase from the top of the parallel channel at $81,300 to its current local top at $87,400.
The pattern is also seen as a flag, with the Stochastic RSI indicator lines hitting their limit, suggesting an upside move may be imminent. The breakout could see the price return to the top of the pennant and potentially break through.
On the daily chart, bear flags are still making their presence felt, but the recent higher high has changed the trend from bear to bull. A resistance level at $89,250 is a potential target for the bulls unless the price chooses to consolidate deeper or retest previous levels.