Bitcoin (BTC) forms a triangle consolidation pattern; how will the price move in the future? — October 1 chart analysis

Entering October, Bitcoin (BTC) is showing price movement around the mid-7,500,000 yen range, and the chart suggests it could move significantly in the near future. While many cryptocurrency markets are in an upward mood, what will Bitcoin do? We will check Bitcoin's chart.

The cryptocurrency Bitcoin (BTC) continues to push off the lows, forming a pennant pattern

Let’s look at the BTC/JPY 4-hour chart. Since September 28, BTC has been climbing from the lows, and a triangle consolidation pennant pattern has formed on the chart. The above pennant pattern is expected to converge from today to October 2, and BTC may soon exhibit large price movements.

If it breaks out above the convergence point, the first price level to watch is around 688,000 yen, which was reached on September 28. Furthermore, if it breaks out higher from the current price, it would break the channel line again since after September 8, increasing the likelihood that the uptrend will continue.