Bitcoin has achieved a new weekly high for the second week in a row, rising 12% in the past week and 31% for the month as it consolidates near its all-time high (ATH) of $93,450. Following a significant rally of 40% earlier in November, Bitcoin's price has oscillated between its ATH and $87,000. An anonymous analyst, SuperBitcoinBro, identified a bullish pennant pattern in the daily chart suggesting a potential breakout target of $125,000, although the reliability of this pattern is noted to be around 54%. Another analyst, Coosh Alemzadeh, predicts a longer-term price target for Bitcoin between $130,000 and $145,000 based on Elliott wave theory, indicating that significant price movements are still expected. Despite recent cooling in Coinbase's premium, indicating reduced retail interest, Bitcoin remains supported above the psychological level of $90,000. A breakout above $93,421 may signal further price discovery, aiming for $100,000 as the next target.

Source 🔗