Understanding Bitcoin's Bull Pennant Pattern
Bitcoin's recent price activity has caught the attention of analysts, particularly due to the formation of a bull pennant pattern on its monthly chart. The bull pennant is a technical chart pattern that often indicates a pause in a strong trend, followed by a continuation in that direction. This pattern is characterized by converging trend lines that resemble a small symmetrical triangle, formed after a significant price movement. For Bitcoin, this setup began forming in September 2023, after a strong upward rally, reaching a new all-time high in March 2024.
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