Bitcoin Flashing Bullish Pattern That Led to 100% Rally Earlier This Year, According to Analyst Justin Bennett

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.

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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.

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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.

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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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