Cryptocurrency has been making headlines since the beginning of the year, and their YTD performance has been nothing short of impressive. With gains of more than 80% since the start of 2023, investors are keeping a close eye on the digital asset.

In March and April, many investors were banking on a pennant formation, which is a bullish continuation pattern. The formation consists of a triangle consolidation, followed by a rally that should reach the measured move of the triangle.

Bitcoin chart by TradingView

Unfortunately, the pattern could be invalidated if the market doesn’t maintain its strength and fails to hold above the 30,000 level. If it drops below 28,000, the bullish formation will be no more.

Overall, the YTD performance of cryptocurrency remains strong, but investors need to keep a close eye on the market. If the price fails to reach the measured move of the triangle, the pattern will be rendered invalid.