Bitcoin continues to be the talk of the town based on its current bullish run after months of stagnation, thanks to heightened optimism about the approval of spot BTC exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC).
As a result, veteran trader Peter Brandt believes a pennant is being formed on the Bitcoin network, and this is bullish because it could propel the pioneer cryptocurrency to the $43,000 level.
BTC was trading at $36,773 at press time, according to CoinGecko data. Therefore, Brandt suggests that Bitcoin could experience a 15.7% surge if the pennant formation sees the light of day.
A pennant depicts a continuing bullish pattern during an uptrend, comprising converging trendlines and a flagpole, which depicts the previous price increase. Therefore, the pennant formation shows a short-ranging market before the resumption of an uptrend.
Therefore, if the present bullish pennant formation materializes, Brandt is optimistic that Bitcoin’s price could soar to highs of $43,289.
Meanwhile, a market analyst under the pseudonym CryptoJelleNL was of a similar opinion that Bitcoin was not yet done with its current surge because it was eyeing $48,000. This is because the apex cryptocurrency had broken out of the bullish megaphone formation, as reported by ZyCrypto.
Therefore, these sentiments show that Bitcoin bulls have not thrown in the towel yet, as their quest to maintain the present uptrend is still alive.
Meanwhile, top analyst Michael van de Poppe suggested that a bearish divergence was not yet validated on the BTC network.
He added that even if Bitcoin were to drop to $35,000, the market remained optimistic because an uptrend would continue.
A bearish divergence is a pattern that signals a potential downtrend because prices usually soar to a new high, but the oscillator fails to reach this peak.
