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<\/p>\nBitcoin 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).<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Therefore, if the present bullish pennant formation materializes, Brandt is optimistic that Bitcoin\u2019s price could soar to highs of $43,289.<\/p>\n
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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.<\/p>\n
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.<\/p>\n
Meanwhile, top analyst Michael van de Poppe suggested that a bearish divergence was not yet validated on the BTC network.<\/p>\n
He added that even if Bitcoin were to drop to $35,000, the market remained optimistic because an uptrend would continue.<\/p>\n
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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.<\/p>\n