A closely followed crypto strategist says Bitcoin (BTC) is forming a bullish pattern similar to what was witnessed earlier this year before sparking massive surges.
Analyst Justin Bennett tells his 115,700 followers on the social media platform X that Bitcoin formed an ascending channel on the daily chart in Q1 of this year when BTC was trading at around $36,000.
An ascending channel is typically viewed as a bullish pattern as it suggests that an asset is printing higher highs and higher lows.
According to Bennett’s chart, Bitcoin briefly traded below the pattern’s diagonal support in February before igniting a 2x rally in just a few months.
“We’ve seen BTC channels like this before, like this one in Dec-Jan of last year, right before Bitcoin doubled in price.
I doubt this time is different.”
Bennett says that Bitcoin is flashing a similar pattern now and that BTC may be able to ignite renewed rallies if it reclaims the $100,000 price area as support.
“Although I think dips are for buying (spot), the highest conviction perpetual long will materialize on a reclaim (daily chart+) of the area between $99,000 and $102,000.
Do that, and $110,000 and $120,000 are next in 2025 in my opinion.”
Based on the trader’s chart, he seems to suggest that BTC bulls need to defend support at $95,700 for Bitcoin “to remain constructive.”
At time of writing, Bitcoin is trading at $95,889.
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